Nowadays online payments can be done by many different ways. Cryptocurrencies play a growing role of importance in this regard. Taking the crown from the likes of PayPal will not happen overnight. Even so, the latter company is making some policy changes which will not be to everyone’s liking.
In an extremely confounding move that will further restrict the financial rights of its users, PayPal issued a statement announcing that as of April 19, it will initiate a number of changes that will aim to introduce more transparency within the company’s internal monetary dealings.
The PayPal’s Policy Changes.
Firstly PayPal is changing their balance functionality if PayPal has a fully verified account then balance in your PayPal account can be held in your PayPal account, transferred to a linked bank account or debit card, used to make purchases or send money to others. if your account is not fully verified then a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card.
The variable rate pricing for sending money outside of the US is being removed. Instead, recipients of funds will be “discriminated” based on their country of residence. A flat fee is to be introduced, which can ramp up to $2.99 or $4.99 per transaction.
when transferring money using a linked credit/debit card, users will be charged a flat fee depending upon the location of the recipient. Not only that, there will also be an added surcharge of 2.9% of the transaction amount along with a fixed-fee depending upon the currency in use.
Along with the aforementioned changes, PayPal has also put in place new measures to crack down on stealth, unverified accounts.
This makes PayPal a far less favorable option for sending money between friends and family members. Instead, it may push people to alternative solutions.
Whatever may be the case, this move further strengthens the position of virtual currencies such as Bitcoin, Ethereum, and primes them to be the forebearers of international payments in years to come.