Online payment company PayPal today announced it has been granted a European Union banking license by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, effective 2 July 2007.
Under this new charter, PayPal will be able to offer its services to more online merchants across Europe. In addition, PayPal will be moving its European headquarters to Luxembourg.
PayPal has more than 35 million accounts, and is offered on more than 100,000 websites in Europe. In 2006, PayPal processed $8.4 billion of total payment volume in Europe.
Digital Media Asia: News - PayPal wins EU banking license
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