Consumer Protection and how it Elevated PayPal to one of the Biggest Payment Platforms in the World
Consumer protection laws aim to ensure the rights of consumers and regulate the relationship between buyers and sellers. Nearly every country has some legislation in place to protect people from scams and frauds, but these laws often differ slightly based on jurisdiction.
As a platform that specializes in money transfers and allows for international payments, PayPal has needed to consider various consumer protection laws to ensure the safety of its customers in over 200 different countries. In doing so, it has become one of the biggest payment systems in the world.
PayPal spent many years as a subsidiary of eBay between its initial public offering in 2002 and its independence in 2015. Since it became an independent company in July of that year, the platform has been constantly expanding and extending its reach. It now has 244 million users and a net income of $1.75 billion. PayPal has become a standard form of payment online, and a lot of industries are favoring payments using the system for ease of access and additional security. It is used by many sites in the online gaming industry, such as Buzz Bingo, where VISA and paysafecard payments are also accepted. It can be used to purchase games on the PlayStation Store, and is frequently an option in the online shopping industry at sites like Boohoo and eBay.
As a subsidiary of the huge online trading platform eBay, PayPal gained a reputation for being trustworthy. This is one of the reasons why it has been able to propel itself to such success since breaking away from the prominent American e-commerce site. The fact that many people believe that PayPal is safe and reliable is down to its heavy focus on consumer protection. The payment platform protects its customers in a number of different ways.
One of the biggest advantages of using PayPal over other options like VISA is the fact that it doesn’t share full financial information with sellers. Consumers have recently begun to seek alternatives to credit cards as they realize the risk of inputting their details at a multitude of different sites. By using PayPal, they only have to key in their details once. In addition to this, PayPal monitors all transactions 24 hours a day, and the encryption keeps online payments guarded from start to finish. PayPal also has purchase protection, which covers consumers if there is a problem with their product or it doesn’t arrive. If they follow the correct procedures detailed on the PayPal site, customers are able to get a full refund plus shipping fees.
The fact that PayPal is prevailing while other online payment systems such as blockchain technology are failing is mainly down to its focus on consumer protection. By gaining the trust of its huge customer base and swiftly resolving problems when they occur, PayPal has managed to become one of the biggest online payment platforms in the world.
