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In 2008, PayPal Europe was granted a Luxembourg banking license, which, under European Union (EU) law, allows it to conduct banking business throughout the EU. But state laws vary, as do their definitions of banks, narrow banks, money services businesses, and money transmitters. In July 2025, PayPal announced “PayPal World,” a cross-border platform intended to link PayPal and Venmo with domestic payment systems and digital wallets, beginning with partners such as India’s Unified Payments Interface (UPI), Brazil’s Mercado Pago, and ...