The online financial payments service is one of the companies that took a stand in the Russian war in Ukraine.
Russia’s unprovoked invasion of Ukraine has created a new paradigm in the business community: Companies can no longer simply issue press releases and statements full of platitudes to express their solidarity with suffering populations or human victims.
They must now act. Basically, aligning their words with their deeds.
This new reality affects many tech groups whose services and products are sold around the world. It’s no surprise, then, that we find Silicon Valley tycoons and tech companies at the forefront of efforts to help Ukrainians in this Russian war that has already killed hundreds, driven millions to move in just over a month.
Faced with the humanitarian emergency, PayPal (PYPL) – Get PayPal Holdings, Inc. Report has just implemented a special solution to help Ukrainians. The financial services group now offers a service allowing Ukrainians to receive money directly.
“I am pleased to share that we are launching a service that will allow Ukrainian customers to send and receive person-to-person payments from friends and family, and to transfer funds from their PayPal wallet to eligible credit or debit cards,” CEO Dan Schulman wrote to Ukrainian Deputy Prime Minister Mykhailo Fedorov in a letter.
This service is new and was designed especially for Ukrainians after a request from Fedorov to PayPal, said Schulman in his letter which was posted on Twitter by Fedorov.
No More Fees on Transactions Related to Ukraine
Steve Parsons/PA Images via Getty Images
Fedorov, who also occupies the functions of Minister of Digital Transformation of Ukraine, became since the beginning of the Russian invasion on February 24, a kind of conscientious objector of the multinationals. He challenges them publicly on Twitter, reminds them of their commitments to do good in the world, and then asks them to stop selling their products and providing their services to Russia. This strategy has worked very well so far.
“We believe this service will be helpful for people in Ukraine to receive money from their friends and relatives around the world,” Schulman explained. “It will also help Ukrainian refugees in other countries, so they can receive money to use or withdraw in their current location.”
And PayPal doesn’t stop there. The financial services group has also decided to no longer charge transaction fees for sending money to accounts belonging to Ukrainians.
“Further, we will temporarily waive our service fees for customers sending funds to Ukrainian PayPal accounts or receiving funds into Ukrainian PayPal accounts,” Schulman wrote.
He added: “PayPal continues to proudly support the extensive humanitarian relief efforts for the people of Ukraine.”
After PayPal, Maybe Stripe?
PayPal customers have already donated more than $250 million to charities providing humanitarian aid to Ukrainians in the country and to refugees, according to Schulman. The organizations benefiting from this aid are International Rescue Committee (IRC), UN High Commissioner for Refugees (UNHCR), Direct Relief, Save the Children.
“While we hope for an immediate peace in Ukraine, we understand it is more important than ever that we work together to make a difference,” the CEO concluded.
“Welcome to Welcome to Ukraine! @PayPal, @Dan_Schulman,” Fedorov responded. “Thank you for supporting Ukraine and peace!”
After PayPal, Fedorov is now calling on Stripe, another online payments company, to make a gesture towards Ukrainians.
“Now we are waiting for you in Ukraine @stripe,” Fedorov wrote.
PayPal thus adds its name to a growing list of companies offering either their services or their products to help Ukraine or Ukrainians. In the last 48 hours, Epic Games, the owner of the very popular Fortnite video game, for example, has just raised $50 million in just a few days for Ukraine.
German multinational software SAP (SAPGF) is going to open a center of research and development (R&D) in Ukraine after the Russian war, Fedorov said, after calling out the company.
“Just finished a fruitful meeting with the CEO of @SAP.”, Fedorov wrote on his Twitter account on March 25. “@ChrstnKlein assured me of his full support to UA. SAP will support the digital blockade of RU and gradually stop supporting their products in the occupants companies. And after our victory, SAP will open an R&D center in UA.”
