PayPal temporarily suspends personal payments to and from India
08 February, 2010
US-based online payments company PayPal, which is owned by eBay, has temporarily suspended personal payments to and from India and transfers to local Indian banks.
According to PayPal, while the company is trying to resolve the issue, customers can still make commercial payments to India but merchants cannot withdraw funds in Rupees to local Indian banks.
“We are trying to resolve the situation as quickly as possible and we are really sorry for the inconvenience that this may cause our customers in India and around the world,” PayPal has said.
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I think the second and the third screen will play an important role in building brands and consumer loyalty going forward. You watch the first screen (TV) from a distance, look into the second screen (PC) from nearer distance (two feet away) and then you have your third screen (mobile) with you 24 x 7 and very close to you. How effectively you use these third and second screens is the way forward for any brand. "
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 pure frustrating, destroying trust & 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.
There has always been issue .Earlier they use to send cheques from Singapore ... Receiving them was on the Mercy of Postal Department ...This time issues seems to be a concern , which i also had always they receive money in forgein Currency ( and Conversion rate is awful ) and transfer the Money in INR . I guess Govt is also upset with them this time .
This is a huge problem, Paypal has been doing this for past few weeks, and they have not been able to solve this, the worst is, it allows you to transfer funds to your local bank and then nothing happens, which means the money is gone from your Paypal account but has never reached your bank account!
This is Terrible!
oh nooooooooooooo..... this is a really sad news. I have a good amount of money deposited with PayPal :(
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