Global internet-based money transfer service, PayPal has acknowledged a technical flaw in its system that has resulted in holding up of some transactions for security checks.

A company spokesman said that the site has been facing "a few issues" since few weeks and this has affected a small portion of its customers. The company has made changed a system to speed up the process of transferring money from the user account to the customer's bank account.

Global money transferring service firm, PayPal has said that it will acquire Card. io, which offers a technology allowing mobile phone cameras to scan credit cards and gather important information to facilitate transactions.

The company has not announced the financial details of the deal to acquire Cards. PayPal has been using Card. io technology in its mobile payment technology for small businesses and informal sellers called, PayPal Here.

Leading online monetary transaction service provider, PayPal is planning to launch a new service called, `PayPal Access', which is designed to allow online shoppers to easily buy products on the internet without the need of creating numerous accounts with retailers.

Moscow, Aug 3 : Online payment company PayPal plans to start business in Russia with a $25 million investment and open its first office in Moscow soon, a media report said Wednesday.

"There are rumours that this fall, the five largest Internet companies will search for key employees in Russia," head of Pruffi recruitment agency Alyona Vladimirskaya said on her Facebook page, mentioning PayPal and eBay, its parent company.

Leading electronic payment service provider, Paypal has once again raised its mobile total payments volume (TPV) projection for 2011 to $3 billion.

The company had increased the forecast from $1.5 billion to $2 billion in February and has now raised the projection to double of the original estimate. Paypal is recording $10 million in mobile TPV per day up from $6 million in March this year, according to Laura Chambers, senior director of PayPal Mobile.

“Mobile payments are growing at a rate we never could have imagined when we started processing them back in 2006,” she said. “We’re thrilled by this news.”

PayPal has stated of not offering any sort of electronic withdrawal transactions from the company's account.

This seemingly is a decision that has been made soon after the decision that might affect the Indian PayPal users and will be in effect starting August 1.

The only option left with the users is withdrawal from cheque and this decision is taken in lieu of "regulatory instructions" stated by the management.