PayPal announces changes in service for Mexico
The platform will only allow the issuance and receipt of payments on Mexican soil due to the application of the Fintech Law
The electronic payment service PayPal announced that it will change its guidelines in Mexico. Although details of this decision are not known, one reason could be the application of the Fintech Law. The change will be effective on September 25.
According to spokespersons for the platform, Mexicans can now only issue electronic payments and receive payments due to changes in PayPal’s policies.
Consequently, users will no longer be able to handle money stored in the product and the funds will be transferred to the respective bank accounts once they are received. The change implies the payment of commissions for transactions in foreign currency as well as the conversion that this entails.
The announcement also indicated that “companies for crowdfunding and issuance of electronic payments may only be maintained in their service lines provided they have the endorsement of the corresponding authority. Otherwise they will have to close or modify their operations.”
Companies interested in obtaining the corresponding permit in Mexico have up to the effective date of the change announced by PayPal – September 9 – to submit their applications. For their part, users should verify that their associated account data is up to date.
M.Pino
Source: Diario Bitcoin
