From the end of 2021 to the first months of 2022 PayPal has begun to implement many changes. One of these concerns the future launch of its cryptocurrency. But not only that: we also talked about the possibility of pay in 3 installments for a certain amount. But today we talk about the company's policy change, which communicates, will take place starting from 6 May 2020. The most "drastic" change is the following: will charge 10 € if we don't use the bill PayPal. Let's see the details.
It is not a late payment, but an additional fee: if we do not use the PayPal account we will pay € 10. Here are the changes that will come from May 6th
From 6 May 2022 PayPal will change the Legal agreements of the service, which will be deemed accepted if the user (seller or not) does nothing. In reverse, if the latter decides not to accept the clauses, he will have to cancel his account. As we said, there are several new features for a whole series of users .. Let's try to outline everything to make it clearer.
Who are the subjects who will see changes?
Two main user types will see changes from May 6, 2022 on PayPal: consumers e traders. At the links you will find the reference pdfs that communicate all the changes in detail.
The least important changes for most users
Among the less significant changes, in our opinion, are the change of PayPal registered office, who moves from the UK to Luxembourg; new terms of purchase of NFT (Non Fungible Tokens), whose transactions cannot exceed the limit of $ 10.000; variations for business accounts.
The most important change of PayPal: "fine" of 10 € for those who do not use the account
This is not a full-fledged fine, but many will see it this way. The update mainly affects the accounts of users who do not use the PayPal account for 12 consecutive months. For them, starting from the 12th month, there will be 10 pay and for inactivity. As for the sellers, the amount will be charged from October 2022; for the consumers from October 2023.
Other things to consider
PayPal will add a new section for Business account holders in which it will clarify that the amounts owed to them by PayPal in relation to its products and services may be subject to review or devaluation by a supervisory or control authority. PayPal is held 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.
The company will also specify that consumers have 14 days to exercise their right of withdrawal from the Terms of Use. Finally, it will modify the Complaints section by adding more information related to customer complaints.
