SINGAPORE, Sept. 9, 2015 /PRNewswire/-- PayPal, the global leader in payments, announced today that it will be making a significant expansion to its Seller Protection policy in six markets in Asia -- Indonesia, Malaysia, Singapore, the Philippines, Thailand and Vietnam. The expanded protection will now cover eligible intangible goods including e-booking of travel tickets, tickets for an event, cab rides, services and more, which are based on unauthorized transactions. With its industry leading risk models and technology, PayPal is the only payments company offering such protection to both buyers and sellers in Southeast Asia in a frictionless and secure manner.[1]
Under this program, PayPal will provide expanded coverage in the event a customer files an unauthorized chargeback, or an unauthorized claim against a seller for services or eligible intangible goods[2]. Sellers will have an opportunity to respond to the claim within a reasonable period through proof of fulfilling the order. This will provide Southeast Asian merchants with greater confidence when trading domestically and overseas, whether they are selling physical or intangible goods.
According to Frost and Sullivan research, the total revenues from B2C e-commerce in these six largest Southeast Asian countries will grow at a CAGR of 37.6 percent to reach US$34.5bn by 2018[3]. Within that, intangibles form a significant portion of the e-commerce base in Southeast Asia. "We are committed to safeguarding the interests of merchants who partner with us when they sell online" said Rahul Shinghal, General Manager, PayPal Southeast Asia. "PayPal is aiding the growth of our merchants' business with Seller Protection. With this launch, our merchant partners will be able to expand their cross border business even more aggressively without worrying about fraud."
Lisa Yeo, Senior Vice President, Group Operations, Asia Travel, "We are delighted that PayPal Seller Protection is now covering intangibles, including the travel category. This enhancement provides greater assurance that we have a partner in PayPal that protects us against fraudulent claims and chargebacks. With less to worry about, we can focus more on delighting our customers. This gives us great confidence in accepting PayPal for bookings."
For eligibility requirements and full terms and conditions, please read the PayPal User Agreement. More information on this program can be found in the respective country websites:
[1] Majority of the buyers and sellers will not have to undergo the 2 Factor Authentication process unless triggered by PayPal's Risk system.
[2] Products that are excluded from this protection are vehicles, real estate, businesses, Digital Goods, PayPal direct payments. For eligibility requirements and full terms and conditions, please read the PayPal User Agreement.
[3] "High growth and consolidation expected in Southeast Asia's e-commerce market", Frost & Sullivan, 4 July 2014
About PayPal
At PayPal (NASDAQ:PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution, last year we processed 4 billion payments, of which 1 billion were made on mobile devices. PayPal gives people better ways to connect to their money and to each other, helping them safely access and move their money and offering a choice of how they would like to pay or be paid. With our 169 million active customer accounts, we have created an open and secure payments ecosystem that people and businesses choose to securely transact with each other online, in stores and on mobile devices. PayPal is a truly global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies. For more information on PayPal, visit about.paypal-corp.com. For PYPL financial information, visit investor.paypal-corp.com.
CONTACTS:
Nitha Sri, Edelman Singapore, +65-67331110, Nitha.sri@edelman.com; Liru Chan, PayPal, +65-86061092, lnchan@paypal.com
