Take a quick look:
- PayPal says: “uncertainty around proof of order fulfilment and other variables” The policy change was a result of the policy review.
- Protection against chargebacks and false claims is not available for sales exceeding $10,000.
- If the buyer is not paid in full, transactions below $10,000 are protected. “claims it was an Unauthorised Transaction and the transaction meets all other eligibility requirements.”
PayPal’s policies on buyer and seller protection have been updated for NFT sales and purchases. Global payments giant PayPal has released an update to its Amendment to Purchase Protection Program. said The program is being revised to remove some people from the eligibility. non-fungible tokens (NFTs).
This update is for payments initiated by users via third-party platforms using their PayPal Balance accounts and the assigned account number and routing numbers (PayPal’s Direct Debit feature).
Paypal has amended their seller protection program so that NFT transactions above $10,000 will not be protected against chargebacks and false claims. PayPal will protect transactions up to and below $10,000. “claims it was an Unauthorised Transaction and the transaction meets all other eligibility requirements.”
PayPal said that the amendments would take effect on May 20, 2024. PayPal’s explanation of the reasons behind the new amendments stated that “uncertainty around proof of order fulfilment and other variables” This led to policy adjustments.
The announcement comes at a time when there is an upswing in the cryptocurrency market in terms of prices, Web3 financing, and a demand for new assets such as tokenised real-world properties and crypto restaking.
PayPal has updated their policy following a company notice published on 21 March, which stated that they plan to no longer protect some NFT transaction.
PayPal has filed a lawsuit against the. patent application for an NFT marketplace The USOPT is the only vertical of online payments giant, PayPal’s digital assets strategy that has not kept up with other verticals such as the PYUSD stablecoin The support of traditional crypto-transactions.
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Source: www.nftgators.com