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PayPal is an American company that offers an online payment portal which can be used to make online payments as against the traditional method of cash or cheque payments. PayPal was founded in the year 1998 and was originally named Confinity. PayPal can be used as a payment wallet in places where the customer is not able to use or do not want to use their credit cards or debit cards as a mode of transferring funds to other accounts.
Opening a PayPal account is very simple. It does not involve any charges or unnecessary and tedious formalities and paperwork. A person can open his/her PayPal account from the comfort of their homes by simply downloading the mobile application or through the company’s official website. The customers need to furnish their basic details like name, address, bank account, mobile number, email id, etc. while opening a new account with PayPal.
Although a person can open a new PayPal account without providing their Pan Card number, he/she will not be allowed to make any transactions i.e., send or receive funds without their PAN information. Hence, updating or linking one’s PAN card is of utmost importance for the smooth functioning of the PayPal account.
About How To Link PAN Card To Paypal Account
Procedure to link PAN Card to PayPal account
The procedure to link one’s Pan Card to the PayPal account is very simple. Unless the correct PAN Card information is provided and verified, a person cannot carry out funds transfer or make any payments. Another important point to remember is that the name of the PayPal account should be the same as per PAN Card records and Bank account records. If there are any discrepancies, the account holder may find it difficult to process the payments or to receive funds in their PayPal account.
To start with the procedure to link Pan Card to PayPal account, the account holder has to first login to their PayPal account through the mobile application or through the official website.
After logging in, the customer will then have to select ‘My profile’ or ‘Account Options’.
Under this option, the customers can click on the link ‘Update PAN Card Details’.
Post entering the PAN card details correctly, the PAN Card number will be mentioned among the profile details.
Customers can also link their PAN card to their PayPal accounts by calling their customer care service or by sending an email to their customer care section.
Benefits of linking PAN Card to PayPal account
PayPal being a payments portal requires its account holders to mandatorily provide their PAN Card information to proceed with ant transactions. Without providing a valid PAN Card number, the account holders cannot send or receive any funds in any currency or make payments to any vendors in any point of sale transactions or any online shopping mediums.
Hence, for the smooth functioning of the PayPal account, the account holders have to link their PAN cards to their PayPal Accounts.
FAQs – How to link Pan Card to PayPal Account?
1. Is PayPal an Indian company?
No. PayPal is an American company.
2. Is PayPal a bank or a financial institution?
No. PayPal is an online payment portal to send or receive funds in more than one currency and can also be used as a mode of payment in point of sale transactions or online shopping portals.
3. Does PayPal need PAN Card to send or receive money?
Yes. PayPal accounts have to be verified by submitting the correct or valid PAN Card to get, send or receive any money or perform any transactions.
4. What happens if the PayPal account is not verified?
If a person’s PayPal account is not verified, he/she will have a restricted limit in performing monetary transactions.
5. Is PAN Card information necessary for PayPal accounts?
Yes. PAN Card is an important tool for fulfilling the KYC requirement of PayPal accounts.