Online payment system giant Paypal, in a surprising move has blocked all personal payments to and from India. This suspension also includes transfer to local banks in India. However, customers can still make commercial payments to India but merchants cannot withdraw funds in Rupees to local Indian banks. According to some sources this is due to an issue between Paypal systems and RBI regarding transfer regulations and monitoring.
While the suspension continues, freelancers and personal account holders with PayPal will be facing the most difficult times. Although PayPal has assured of sorting out the issues to the earliest possible date and constant help to all it’s customers, but the move has brought about a sudden chaos. Freelance websites and all others who have Paypal support integrated to their service have been sending out alerts to all it’s Indian customer base regarding this sudden change. The move has also affected the Indian eBayers significantly with mounting levels of irritation.
The reactions from the general masses (those aware of this move) have been mixed. While some have denounced it as dubious move on part of PayPal or RBI, some have uplheld it as a righteous move to save other genuine accounts and transactions. It is now only a matter of time, to see what awaits in the near future. Till then hope is the only “currency” we can “bank” upon!!
For more updates, check out PayPal’s official blog.
Recent issues with PayPal withdrawals to Indian Banks & more over payments just randomly being reversed back to the senders will have a deep impact on PayPal’s reputation. It raises so many questions like (THIS MIGHT CONTAIN SPOILERS):
A) Should we trust PayPal in future?
ANS: ABSOLUTELY NO
B) Are they really concerned about our Money?
ANS: ABSOLUTELY NO, After a long period of two weeks we receive an apology letter stating that “We are sorry we goofed up opps!”? and stuff like “Your money just got sacked since this is nothing serious to us we are just doing a drill of playing a game with your hard earned money”?
C) Is RBI responsible for this?
ANS: UNQUESTIONABLY MAYBE, So, Question is why this is happening in India and nowhere else? Question is why we are being kept behind curtains and dark? Question is why Moneybookers and other Payment systems are working but PayPal is not? you just want to exclude the RBI out of this since they are least concerned with us. Everyone failed here! RBI off course you cant expect them to give you a comforting truth so a comforting lie should suffice you! And PayPal Ow man no shit a multinational company failing to inform and notify of an issue of this magnitude. That was an AWESOME combination of purely frustrating, destroying & spreading chaos.
D) So what does PayPal tell us now?
ANS: “We are sorry, but your valuable to us so please give us another opportunity to goof up and play some more engaging games with your money” and “We just love to make more profits by giving you a pathetic exchange rate”
D) What now?
ANS: DTA (Don’t Trust Anyone) Get your sleeves up against them and find your own ways to get paid over any other medium that serves better, communicates better and keep them in plenty. If one fails other should work out.
Ive let all my clients know about this issue and advised them (in advance unlike PayPal) to switch over to some other Payment system which is reliable, responsible and does the main thing “ACTION” at PAR. The truth will probably be dead and berried RIP about what happened because the shame and disgust they bring upon themselves is apocalyptic now.