PayPal crushes Buy-O-Phobia, drives online shopping

BENAGALURU: PayPal, the digital payments company, is now providing its users with improved Buyer Protection that 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.

It is believed that online shopping fears, termed as ‘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. PayPal assures that with its 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 goods and services and guarantees secure online shopping, from checkout to delivery across borders for Indian buyers,” said Narayan.

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 percent 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 percent). 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.

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