Macedonia: Central Bank says yes to PayPal

The Macedonian Central Bank NBRM says finally yes for online payment services like PayPal. First announcements were made already in 2017 as we reported - see Link here.

While the rest of the world launches rockets into space and brings them back in one piece, talks about wide usage of electric cars or implanting computers into your brain, there is Macedonia, that still has issues with online payments.

It seems that at least for now Macedonia in a recent decision by the Central Bank Authority, will allow citizens and companies to have accounts with PayPal, Skrill and other similar services, finally putting an end to the dark ages, the workarounds, and other struggles that companies, entrepreneurs, freelancers or even simple people that transfer money have faced for years.

Until now Macedonians were not able or authorized to open or hold bank accounts abroad, while with the new amendments citizens and companies will be able to open and hold accounts with all foreign electric payment transaction services that provide their services to the residents of Macedonia.

However, as it has been announced, the accounts may be used solely for commercial purposes, i.e. for the purchase and / or sale of goods and services electronically. Whether and when citizens and companies can open an account with a particular electronic service and what services they can use (whether for payment or payment only), each of the services decides, with the business decision making on the basis of its own analysis and rate. That means that PayPal, Skrill or other related services won’t be available the next day, but at least now they have the door open.

This move was widely received positively and promoted by the tech community in Macedonia while prompting statuses in social media such as “Welcome to the Future. However, the hope is that this will push PayPal to further expand in the region and include Kosovo to the list as well, which is not available yet despite rumors for many years.