PayPal starts cross-border protection of buyers, sellers

By: | Updated: June 29, 2016 9:31 PM

International payment gateway PayPal today began a service to safeguard cross-border digital transactions which will, in turn, insulate sellers and buyers from frauds...

PayPal facilitates international payments. It claims to have 17 million active customer accounts and processed 4.9 billion payments in 2015 globally. (Reuters)PayPal facilitates international payments. It claims to have 17 million active customer accounts and processed 4.9 billion payments in 2015 globally. (Reuters)

International payment gateway PayPal today began a service to safeguard cross-border digital transactions which will, in turn, insulate sellers and buyers from frauds.

Under the company’s seller protection programme for intangibles, two types of buyer complaints will be covered – ‘Unauthorised Transaction’, when a buyer claims that he or she didn’t authorise the payment and ‘Item Not Received’, when a buyer pays for the service but claims that he or she did not receive the service.

Also Read- PayPal appoints Anupam Pahuja as India Country Manager and MD

“A key objective for PayPal in India is to ensure that genuine sellers, small or big, are protected from unauthorised claims and chargebacks. Growing instances of online fraud act as a barrier for sellers selling online services and other intangible goods to clients abroad,” PayPal India Country Manager and MD Anupam Pahuja said in a statement.

In case of unauthorised transaction complaint by the buyer, the PayPal Resolution Centre will investigate and if the buyer furnishes evidence of delivering product then PayPal will take liability and refund it to customers. Through this, PayPal will provide protection to seller.

In case a buyer complains about product or service not received, PayPal will check with the seller. If the seller fails to furnish evidence of product or service delivery then PayPal will refund money to the buyer and try to recover money from the seller.

PayPal facilitates international payments. It claims to have 17 million active customer accounts and processed 4.9 billion payments in 2015 globally.

“With our Seller Protection Programme for Intangibles, we aim to empower freelancers and merchants in India to sell with confidence and assure them that they have our support to grow,” Pahuja said.

A large section of PayPal users in India are merchants and freelancers selling intangible products and services like online tuitions, software or app development, event and travel tickets, the statement said.

 

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition