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.

While the blog post contains a wide array of specifics related to PayPal’s current transfer setup, some of the changes that will directly affect the company’s core user base include:

#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 ( US-based transfers will employ a different fee structure)

#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. Not only that, there will also be an added surcharge of 2.9% of the transaction amount along with a fixed-fee depending upon the currency in use.