PayPal introduces digital Foreign Inward Remittance Advice (FIRA)
The Digital Payment service provider PayPal recently introduced Foreign Inward Remittance Advice. It is an automated process to obtain monthly foreign inward remittance advice.
What is FIRA?
- It is a document that acts as a proof for all the payments and inward remittances from a foreign country.
- It is issued by banks in India.
- The exporters of all sizes have to get this.
What has PayPal done?
- Earlier, the Indian seller had to send manual requests for FIRA to the bank partners of PayPal. Also, they had to pay a fee for such services offered by the banks. The bank partners will then issue a physical statement on FIRA. It will even take ten days. Now this process has been made simple. It has been digitised.
- This step is a part of PayPal’s mission to reach net zero emissions by 2040.
- The monthly digital FIRA solution of PayPal will allow merchants to directly download FIRA from their PayPal account.
Benefits
- The process is completely automated.
- The PayPal merchants can now download their FIRA at zero-cost.
- It completely removes the paperwork.
- This has been introduced to empower the Indian MSME exporters. It will help them grow their businesses internationally.
Current Scenario
Today small exporters in India are accessing more than 200 markets reaching out to 350 million consumers through PayPal. This happened after COVID crisis. Around Rs 10,000 crores of exports transactions were held through PayPal.
It is an American company operating online payments. It was established in 1998.
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Month: Current Affairs - May, 2021