After falling foul of regulators in India earlier this year, PayPal has been forced to suspend personal payments in Japan ahead of new rules set to come into play on 1 April.
In a blog, Kosuke Seto from PayPal's Japan team says that starting tomorrow, customers in Japan "will be unable to send personal payments to individuals using the PayPal "send money" service until further notice". Continues Seto: "The changes to our personal payment services are necessary in order for us to comply with new Japanese regulations that go into effect April 1st." The new law requires firms to apply for a license to offer personal money transfer services.
After falling foul of regulators in India earlier this year, PayPal has been forced to suspend personal payments in Japan ahead of new rules set to come into play on 1 April.
In a blog, Kosuke Seto from PayPal's Japan team says that starting tomorrow, customers in Japan "will be unable to send personal payments to individuals using the PayPal "send money" service until further notice". Continues Seto: "The changes to our personal payment services are necessary in order for us to comply with new Japanese regulations that go into effect April 1st." The new law requires firms to apply for a license to offer personal money transfer services.
TAIPEI, Taiwan--(BUSINESS WIRE)--Starting from March 2010, Taiwantrade--Taiwan’s national e-commerce trade portal--will collaborate with PayPal, the largest international online payment provider, to offer online electronic transaction service to Taiwantrade’s domestic paid members. Overseas buyers will be able to purchase sample products from the Taiwanese suppliers through PayPal payment system.
A business-to-business online trade platform and operated by Taiwan’s biggest trade promotion organization--Taiwan External Trade Development Council, Taiwantrade carries the most abundant amount of sourcing information on Taiwan’s local suppliers. It is anticipated that beginning from March after the PayPal online payment system is introduced, overseas buyers can directly select the sample products displayed by the Taiwanese manufacturers on Taiwantrade and make transnational payments online. At the same time, PayPal will provide complete online order tracking and complaint functions, allowing parties in disagreement a window to resolve their disputes.
PayPal is a leader in international online payment systems, offering a variety of payment methods for buyers to choose, such as credit card, debit card and bank account transfer, which is currently being used in 190 markets and 24 currencies around the world. PayPal’s collaboration with Taiwantrade has successfully opened the company’s door to the Taiwan market and is strongly supported by the Taiwan government. The alliance is predicted to bring a 14% growth in sales value for Taiwan’s small and medium enterprises.
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