PayPal extends buyer protection to intangibles in India for international transactions
PayPal announced improved Buyer Protection which now includes intangible items for consumers in India in international transactions, offering peace of mind to online shoppers who suffer from the fear of shopping online. Online shopping fears or ‘Buy-O-Phobias’ exist despite the increase in e-commerce sales which have hit a record high of US$1.3 trillion in 2014. The industry is expected to grow with global sales expected to increase by 6.4 percent in 2015. The fear of uncertain delivery or Lost-O-Phobia is the top fear in the minds of Indian consumers. With PayPal’s Buyer Protection for intangibles, Indian consumers can now say goodbye to this fear.
The global expansion of PayPal Buyer Protection to include eligible intangibles means services and digital goods, such as travel tickets, digital music, digital books, digital games and software downloads are protected. So no matter if one is suffering from Fake-O-Phobia (fear of counterfeit goods) or Swap-O-Phobia (fear of receiving incorrect goods), PayPal’s improved Buyer Protection together with its existing risk management and unauthorized transaction policy, allow shoppers to purchase eligible physical and intangible goods and services with the same level of confidence, if not more, when they shop online as they do in-store.
“PayPal has always maintained a ‘customer first’ approach and their security, trust and convenience are at the heart of all our services. To ensure customers are more confident of buying intangible goods, we have extended Buyer Protection to include digital books and even software downloads,” said Vikram Narayan, Managing Director & Country Manager, PayPal India. “PayPal’s Buyer Protection now includes almost all categories of good and services and guarantees secure online shopping, from checkout to delivery across borders for Indian buyers.” said Vikram.
Data shows that there is an increase in online purchase of intangible goods. This follows industry trends in travel, music and gaming where purchasing of digital goods is on the rise. In 2014, the music industry’s global digital revenues increased by 6.9 % to US$6.85 billion and for the first time, the industry derived the same proportion of revenues from digital channels (46 percent) as physical format sales (46 %). Additionally, eRevMax predicts the Asian travel market will be worth US$155 billion by 2017, with currently 46 percent of travelers preferring to book hotels and flights online.
But studies show Buy-O-Phobia still exists in India and in other Asia Pacific markets: Indians still suffer from Lost-O-Phobia. Google Forrester and DHL GMStudy reports show that 33 % of Indians fear uncertain delivery while doing cross-border shopping. Singaporeans worry about Swap-O-Phobia. A PayPal 2014 survey shows 11 % of Singaporeans worry about receiving incorrect goods. Chinese experience Expose-O-Phobia and Fake-O-Phobia. A PayPal Ipsos 2015 study shows 32 % of Chinese consumers fear the lack of buyer protection when purchasing goods from overseas websites and 27 % are concerned about receiving counterfeit goods.
(Source: Press release)