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Business Advice

PayPal stops personal payments service in S'pore

From Feb 20, users will no longer be able to transfer funds between individuals in Singapore.
Asia One - February 21, 2013
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PayPal stops personal payments service in S'pore

SINGAPORE - Payment service provider PayPal announced today that it would be ceasing personal payments services in Singapore.

In an email sent to its users, it said that from Feb 20, users will no longer be able to transfer funds between individuals in Singapore.

However, users will still be able to make commercial payments for purchases of goods or services with their PayPal accounts.

"You can still shop and pay at online merchants and receive payments from sales and trading," said PayPal in the email.

The firm said the new rule will be implemented to comply with regulatory instructions.

In a TechCrunch report, PayPal clarified that personal payments such as cash gifts or living allowances won't be allowed.

The payment provider said: "Users can still receive funds from PayPal users outside of Singapore, and that is dependent on whether personal payments are allowed in the sender's country."

 

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