While the updated policy is understandably meant to protect PayPal from coughing up fees on behalf of users, it’s also a testament to the difficulties that fin-tech companies-even major ones like Venmo-are facing as they try to grow without the robust business model of a traditional bank. “These changes, which have been a PayPal policy for a while, are a result of our efforts to drive policy consistency across platforms,” a company spokesperson explained. An interesting move, given that even Zelle, the in-app payments app used by big banks like Chase and Bank of America, does not have such a policy. As The Wall Street Journal noted, the company recently changed its user policy to seize funds from customers’ existing PayPal accounts upon failed payments. ![]() This strategy is an unfriendly one by Venmo, which has prided itself on innovative financial products since launching a decade ago in 2009.
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