PayPal will become for a fee for those who do not use it. It seems paradoxical but in reality it is what emerges from a careful reading of the new terms of use, which will officially enter into force. starting May 6, 2022.
The cost? 10 euro for those who have not used the platform for more than 12 months.
PayPal paid: is it all true?
It seems the usual hoax but in reality it is all true.
Among the news coming in May there is the introduction of an inactivity fee. Basically the non-use of the account for a period exceeding 12 months will lead to a charge of an amount equal to 10 euro.
A measure that will involve the accounts of sellers starting from October 2022 and those of private individuals from October 2023.
Of course, this is not the only change coming but it is certainly the most striking one.
In fact, we are used to paying sums – whether small or large – for the use of a service but never for inactivity.
A particularly curious choice that will certainly not remain unnoticed.
PayPal: all updates coming May 6, 2022
Are you curious to know what else changes? Below is the complete list of news, also available on the official website.
- It will modify its Sales Protection program to expand the list of ineligible items, which will now include certain non-fungible tokens (NFTs) associated with transactions that exceed $ 10,000 in value.
- It will change the actions it can take if you engage in prohibited activities by posting illegal content via the PayPal website or using PayPal services.
- It will amend the Complaints section by adding additional information related to customer complaints.
- It will incorporate into the Terms of Use the main terms of the Important Payment and Service Information agreement, including information about the PayPal entity providing the PayPal services, general information about the service, and clarifications on communications, terms and termination.
- It will specify that consumers have 14 days to exercise their right of withdrawal from the Terms of Use.
- It will change the applicable law from English law to Luxembourg law and the place of jurisdiction from English courts to Luxembourg courts to align with the headquarters of PayPal (Europe) S.à rl et Cie, SCA, bank registered in Luxembourg.
- It will add a new section for Business Account Holders in which it will clarify that amounts owed to them by PayPal in connection with its products and services may be subject to review or devaluation by a supervisory or control authority. PayPal is required to include this section so that public authorities do not have to lend support to financial institutions such as PayPal if they encounter financial difficulties.
- It will introduce an inactivity fee for accounts that have been inactive for at least 12 consecutive months. The fee will begin charging on sellers’ accounts from October 2022 and on personal accounts from October 2023.