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PayPal denies plans to launch business in Russia in Sept

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Online payment company PayPal denied on Tuesday plans to start business in Russia and Ukraine in September.

Online payment company PayPal denied on Tuesday plans to start business in Russia and Ukraine in September.

Last week PayPal said on its website Russian and Ukrainian users could start accepting money on their PayPal accounts from foreign users from September 24, but its spokesman said that it was a mistake.

Russian users can only send money via PayPal but they cannot withdraw money from the system.

Russia is one of the fastest growing payment markets in the world with online payments turnover skyrocketing 75 percent to about 70 billion rubles ($2.43 billion) in 2010.

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