If PayPal disappeared, we all would come out better, buyer and seller alike. I tried using them twice and encountered nothing but delays and errors. Especially beware when they routinely request access to your checking account. If you must deal with them, use only your card. Or give them access to an account purposely kept with only sufficient funds to cover your purchase.
Sellers I've talked with are just about as sore. The added cost that goes from their proceeds into PayPal's pocket often means they have to increase their prices. In their view and mine, PayPal is a middleman we all could do without.
PayPal suspends service in India
Summary
Online payment service provider PayPal has put some of its services in India on hold, and is reversing funds requested through PayPal India, according to reports.
Topics
Online payment service provider PayPal has put some of its services in India on hold, and is reversing funds requested through PayPal India, according to reports.
PayPal did not give a specific reason for the suspension, but Anju Nayar, spokesperson from the communications team, said in a blog post on Saturday that "personal payments to and from India and transfers to local banks in India have been suspended" as the company works with business partners and stakeholders "to address questions they have about the service".
Nayar wrote that customers can still make commercial payments to India, but merchants will not be able to "withdraw funds in rupees to local Indian banks". An Associated Press news report noted that the suspension took effect on 28 January.
For more on this story, read PayPal suspends service in India on ZDNet Asia.
Talkback Most Recent of 6 Talkback(s)
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nikacat9th Feb 2010 -
RE: PayPal suspends service in India
This will affect SO MANY Indian freelancers who currently accept payment only through PayPal! What fools they are to send that market scrambling away. Hopefully somebody worthy, or better, many worth competitors will step in to pick up the slack.
blog.floogy.com10th Feb 2010 -
RE: PayPal suspends service in India
I am so thankful for Paypal. I have had other merchant accounts that were NOT as convenient, more expensive and not responsive. Any problem I've had Paypal has always helped with and cleared up immediately. I'll pay for that kind of support!
Its a tax write-off as well. But really for 3% and some change to harnest income from all around the world in many currencies is an awesome thing- esp. from Hawaii that is in the middle of nowhere.
If you are a business, you can apply for a debit card to directly withdraw your money from your account. Unfortunately, depositing is not as easy or quick.
It is sad that India is rejecting Paypal. But it isn't surprising since they have the ability to do their own kind of system. Their rejection probably includes distrust of American companies. Whether the rest of the world will shake hands with an independent payment processor from India is another story.
The investment into buildng infrastructure and developing markets in new or underserved countries/territories is a daring venture for Paypal. I give them credit for advancing even with anti-American sentiment so present in foreign countries.
I don't think India will accede.
tw80813th Feb 2010 -
RE: PayPal suspends service in India
PayPal arrogantly violated India's 2007 Payment and Settlement
Systems Act {www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?
prid=19038}.
PayPal had over a year to get authorisation from the Reserve Bank of
India, but did nothing.
The Reserve Bank of India did their duty under the law and shut the
illegal activity down.
{www.nytimes.com/2010/02/11/business/global/11paypal.html}
India's Central Bank Stops Some PayPal Services.
"Reserve Bank of India said Wednesday that despite the online
payment service?s ubiquity in India, it is not properly registered.
?Providers of cross-border money transfer service need prior
authorization from the Reserve Bank under the Payment and
Settlement Systems Act,? a spokeswoman for the Reserve Bank of
India, Alpana Killawalla, said in an e-mailed response to questions.
?PayPal does not have our authorization.?
PayPal broke the law. PayPal got suspended. PayPal is hurting innocent
India customers because PayPal couldn't be bothered to get
registered.
That PayPal "anti-American sentiment" and "distrust of American
companies" is PayPal written excuse garbage.
Trusted American companies Western Union, Moneygram, Royal
Exchange, got their Authorisation from the Reserve Bank of India
{rbi.org.in/scripts/PublicationsView.aspx?id=12043} in 2009.
WHY COULDN'T PAYPAL!
House_Of_Usher15th Feb 2010 -
It's next to useless outside the US anyway
Just about every time we try to get a credit card payment
through a Paypal invoice outside the US, except maybe
Germany, they end up using a wire transfer 'cos Paypal is
too painful to go through with.
ianto3915th Feb 2010 -
RE: PayPal suspends service in India
Peter Thiel, early investor of Facebook and co-
founder of Paypal, has some explaining to do
concerning his controversial politics. Thiel sits
on the board of the social networking site, which
has grown to become one of the largest multi-
cultural sites in the world. His views, however,
are far from diverse.
http://bossip.com/106492/a-racist-gay/
tantrictim16th Feb 2010
Talkback - Tell Us What You Think
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