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- PayPal has changed the conditions of its merchant-focused Seller Protection program to account for transactions involving non-fungible tokens worth more than $10,000. (NFTs).
- According to a policy update dated February 11, the policy will go into force on March 21.
PayPal Seller Protection program: About and launch
PayPal launched crypto functionality on its main platform and Venmo last year, following announcing the effort in October 2020 in collaboration with industry startup Paxos.
PayPal is also looking at the possibility of launching a stablecoin, as The Block originally reported.
PayPal’s Seller Protection program is designed to safeguard businesses that utilize the payment service from chargebacks and other issues.
According to a separate document outlining the full amended Seller Protection program agreement, “art, media, antiques, or collectibles, in physical or digital form, as represented by a Non-Fungible Token (NFT), with a transaction amount of more than $10,000 USD or equivalent value in local currency is calculated at the time of the transaction,” are ineligible for protection.
According to a policy update dated February 11, the policy will go into force on March 21. According to the page, PayPal is “revising Seller Protection to widen the list of ineligible products to include certain Non-Fungible Tokens (NFTs) with a transaction amount of more than $10,000 USD.”
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What exactly is the seller’s protection?
- Ineligible: the order does not qualify for Seller Protection.
Seller Protection safeguards you against chargebacks, reversals, and claims for the full amount on qualified payments resulting from an unlawful transaction or an item not received.
The Seller Protection Program for Intangibles will cover two types of buyer complaints:
‘Unauthorized Transaction,’ which occurs when a buyer claims that he or she did not authorize the payment, and ‘Item Not Received,’ which occurs when a buyer pays for a service but claims that he or she did not receive it.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
