PayPal has suspended personal payments to and from India as well as transfers to local banks in India. In addition, merchants are unable to withdraw funds in Rupees to local Indian banks. PayPal did not explain the cause of the problem, stating in a blog post that it was working with business partners and other stakeholders to address questions they have about the service.

In India, eBay requires sellers to offer PaisaPay as the one of the payment method in their listings, although it allows the use of certain other payment methods including PayPal, Moneybookers.com, Nochex.com, Ozpay.biz, Paymate.com.au and Propay.com.

Meanwhile, Moneybookers announced it was named the fastest growing private equity-backed company by The Deloitte Buyout Track 100, which ranks Britain's 100 private equity-backed companies with the fastest-growing profits (EBITDA). Moneybookers profits grew 177% in a year to 13.9 million pounds in 2008.

The company said the award was recognition that, "while the overall industry has been struggling, Moneybookers has continued to outperform the market - the company is signing up 13,000 new customers a day for its services." It listed a record year of achievements including:

• Signing up 10 millionth customer to Moneybookers eWallet (64% growth year-on-year);
• Surge in eCommerce transaction volume by 120%;
• Doubling of deposits in customer accounts;
• Increased staff headcount by over 150 to 400;
• Online merchant base extended from 35,000 to 60,000 including major names such as eBay.com, Playfish, Skype and Thomas Cook.