Paypal enters the Bitcoin business – penalty fee for inactive accounts.


In the future customers can buy and sell crypto currencies over the Paypal platform. Besides Paypal wants to raise penalty fees starting from December in some countries. Who did not use the on-line payment service one year long, is to pay.

The payment offerer Paypal enters into the business with crypto currencies. Customers in the USA can buy in the future over the Paypal platform Bitcoin and other Cyberdevisen, sell and it keep, as the US company communicated on Wednesday. From the beginning of 2021 it should also be possible to pay merchants via Paypal with crypto currencies. It is planned to extend the offer to other countries in the coming year. The Paypal shares gained about three percent on Wall Street. Also the Bitcoin price attracted.

Paypal sets on the fact that the offer increases the world-wide use and acceptance of crypto currencies, as company boss Dan Schulman said. “We are working with central banks and are thinking about all forms of digital currency and the role Paypal can play. Paypal competitors such as Square and Robinhood Markets have been trading Bitcoin & Co for some time, but experts believe that Paypal’s entry will boost the market. The California-based company has processed payments of $222 billion in the second quarter alone and has 346 million accounts.

Last year, Paypal had dropped out of the Facebook-launched project for the digital currency Libra. The payment service provider had justified this by saying that it wanted to concentrate on its own business. Facebook wants to use Libra to create a global digital currency that will give social network users in regions without a functioning infrastructure access to the monetary system.

Paypal wants to charge penalty fees for inactive accounts

From December Paypal wants to introduce a penalty fee for inactive users in some EU countries. Owners of a Paypal account who have not been logged in for a year will be asked to pay. Converted 13 euros books Paypal from the account on, this reports “Northern Bavaria” on Wednesday. The users will be informed about the penalty fee by mail. There is also an all-clear, because according to the British consumer protection side Which? the payment service wants to debit the penalty fee only from users with assets.

Those who have less than the required 13 euros in their account will also pay less. Paypal customers can avoid payment altogether by logging in once a year and resetting the clock. Another tip: Transfer credit back to your own bank account. If there is no money in the account, Paypal will not charge any fees. According to “Techbook” research, Paypal is not yet planning any penalties for users in Germany, Austria or Switzerland.

TRT German and agencies.


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