PayPal announces minor changes to the Terms and Conditions. TECHBOOK explains the innovations.
When the payment service PayPal changes its terms and conditions, this usually affects different user groups. Sometimes it’s just business customers, sometimes just users of certain services, but sometimes it affects almost everyone. The current amendment to the Terms of Service, scheduled to take effect on May 6, 2022, is a mix of everything. TECHBOOK explains what the two most important innovations are about. Because the formulations of PayPal are not always easy to understand.
PayPal T&Cs detail NFT trading
PayPal writes in its adaptation:
“Revision of PayPal Seller Protection to expand the list of ineligible items to include certain Non-Replaceable Tokens (NFT) with a transaction amount greater than $10,000.”
TECHBOOK explains:
What initially sounds like an extension of seller protection is in fact a limitation. With this adjustment to the Terms of Use, PayPal excludes “certain non-replaceable tokens (NFT) with a transaction amount of more than USD 10,000” from seller protection. However, most other NFTs are unaffected. For these, the general rule still applies to sellers: “You must provide evidence that the intangible item or digital goods were provided as described or the service was performed as described. Evidence must clearly show that your buyer received the good or service or benefited from the transaction.”
PayPal specifies the complaint management
PayPal writes in its adaptation:
“Modification of the Complaints section to include more information on customer complaints.”
TECHBOOK explains:
PayPal will request more information about complaints in the future. This should optimize processes and ideally help customers better. We have not yet been able to find out exactly what information this is. A request to PayPal has already been made.
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Further changes affect only a very pointed group of users. You can find this from the link in the reference.