PayPal resolves technical glitch

| October 4, 2012
PayPal resolves technical glitch

PayPal, the internet-based money transfer service, has resolved the technical issues that delayed transactions for UK customers.

The problem started on 29 September when a new system was introduced to speed up transactions.

Unfortunately it had the opposite effect, with large numbers of transactions being sent for security checks, causing substantial delays in funds being transferred from customers accounts.

Now this problem has been resolved, transfers of funds from Paypal accounts into users’ bank accounts should now take place within just six hours.

Prior to the launch of the new system, transfers took three working days.

Some transactions will still be held for security checks in order to comply with regulatory requirements.

The number of customers inconvenienced by the issue has not been revealed but PayPal said that only a minority of its 113 million active accounts were affected.

Meanwhile, PayPal, which is owned by auction site eBay, has announced the technology partners behind an inStore system launched earlier this summer.

The payments company partnered with Eagle Eye Solutions and BT Expedite to create a smartphone app which allows PaypPal customers to make in-store purchases from Aurora fashions using their PayPal account.

The new technical solution also allows retailers whose customers have made online purchases using PayPal, to process refunds and exchanges in-store using the original payment method.

Eagle Eye Solutions developed the app while BT Expedite integrated payment authentication software with point of sale systems in Aurora’s 230 stores.

Cameron McLean, Managing Director of PayPal UK said: “The PayPal inStore app marked the start of a quiet revolution in the way we shop on the high street.”

PayPal’s user base has increased by more than 10 percent in the past year.

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