PayPal India stops Transactions
To everyone’s surprise and without any prior notice, PayPal users are now being stopped from sending or receiving any money through Paypal India. No matter whether you have a personal account or a business account, all transactions with an India Paypal account have been restricted now. Initially financial transactions under business accounts were possible, but now it is completely shut down.
The trauma of billions of PayPal users does not stop here. Money which has already been credited in your account is sent back to the sender without your authority and knowledge. And on each of these transactions you are losing a certain amount of dollars as conversion and/ or refund fees to PayPal with no fault of yours.
Moreover, this horrendous situation has affected thousands of small scale business houses and freelancers who are solely dependent on Paypal as their only mode of payment. Even transfer of funds from your PayPal account to any local Indian banks has been blocked or delayed too for the time being.
It was initially believed that Paypal was going through some technical glitches. Even some predicted that the ban was a step to curb money laundering, scams, terrorism funding etc. in India. If unfortunately this is true, then it is like bombing the whole Afganistan in order to find Osama Bin Laden. Even rumours of disputes between PayPal India and Reserve Bank of India have also cropped up. However, the official announcement made on behalf of PayPal India has somewhat brought relief to the tensed users. Anuj from the Communication Team, PayPal India says:
“I’m writing to let you know that personal payments to and from India and transfers to local banks in India have been suspended while we work with our business partners and other stakeholders to address questions they have about the service.”
Like many other international brands or companies, Paypal has taken the Indian customers for granted. Definitely, this is not a case of racism, but to me it certainly looks like an economical discrimination. PayPal India on the other hand, is coming with lame excuses, often the copy-pasting the same texts for every query. Though PayPal has promised to solve this issue at the earliest, yet they have not given any specific deadline.
very nice post
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.