PayPal's Higher Fees and Tightened Regulations Will Pave the Way for Crypto Payment Services

In an extremely confounding move that will further restrict the financial rights of its users, PayPal issued a statement announcing that as of April 19, it will initiate a number of changes that will aim to introduce more transparency within the company's internal monetary dealings.

Balance Functionality: depending on whether an individual has provided sufficient identification documents to PayPal, the company will restrict a persons account usage.

As a direct result of this, users will only be able to hold their funds in a linked bank account or debit card.

Higher Transaction Fees: in place of its long-standing 'variable rate pricing' scheme, the company is now deploying a new financial model wherein a flat fee of $2.99 or $4.99 will be imposed on all transactions New Debit Charges: when transferring money using a linked credit/debit card, users will be charged a flat fee depending upon the location of the recipient.

Along with the aforementioned changes, PayPal has also put in place new measures to crack down on stealth, unverified accounts.

This means that individuals can no longer use PayPal to facilitate small financial transfers via non-identifiable profiles.

Lastly, subscribers are strictly limited to one account, thereby making international payments via PayPal even more expensive than using BTC. View post on imgur.com.

With the implementation of these new rules, people will either have to burn a deeper hole in their pockets or will have to move towards other payment alternatives such as Bitwage, CryptoPay, Coinbase Commerce etc.

Please do your own due diligence before making any investment decisions.

Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.