Paypal Europe to move to Luxembourg
by Brian Turner
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Popular internet payment processor, Paypal, has announced that Paypal Europe (Ltd) will cease functioning, as Paypal moves its operations to another Paypal entity, based in Luxembourg.
From 2 July 2007, PayPal Europe SÃ rl & Cie, SCA (PayPal Luxembourg) will become the service provider for PayPal in the EU.
Paypal Luxembourg will be regulated by the Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg equivalent of the Financial Services Authority (FSA).
While existing Paypal users in Europe should see no change or interruption in the service, there will be a newly revised User Agreement published for July 2nd.
While the details of the revision have not yet been released, Paypal does state that it will provide more details about the third parties to whom PayPal Luxembourg will disclose your personal and account information.
While any such move is likely to cause jitters for some merchants and internet buyers, it remains to be seen whether any significant change in the terms will actually occur, and whether any actual change in the user experience will follow.
However, with other payment processors in the UK - such as Worldpay and Google Checkout - offering little stiff competition, it is unlikely we’ll see any radical changes affecting the Paypal merchant experience.
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It is nice that they are interested in EU market, but why aren’t they expanding their full services to Estonia? I would love to use PayPal, but I can only send payments because they just don’t let Estonians accept payments due to some weird reasons.
[…] With Paypal having recently moved to Luxembourg, and with Google Checkout chasing on their heels, Paypal are now applying a new redesign to their website. […]
It probably has to do with fraud/thievery/whatever in countries of the earlier USSR. I have been selling quite a bit to Estonia (and receiving payments through PayPal), but my transport insurance with worldwide coverage just won’t cover such shipments. So the only solution has been to purchase a per item coverage with the shipper - on the customer’s account of course. I wouldn’t be happy either if I was an Estonian, but it’s been the price to pay for the dominant belief in the late 80’s that capitalism is steal-everything-you-can-get-hold-of (it is, but you have to have the right pedigree for that, and those people don’t usually hang around PayPal)