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Universal benefits via Paypal

Community Veteran
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Universal benefits via Paypal

It looks like you may be able to use your Paypal Logon to access the new Universal benefit. Not definite yet, the blogger concerned seems to have interpolated the concept.
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Community Veteran
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Re: Universal benefits via Paypal

I'd be astounded if that came to pass.
Paypal isn't a bank. It's even registered in Switzerland to avoid paying UK's rate of VAT.
In that respect I guess it's acting like a UK bank.
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Re: Universal benefits via Paypal

Quote from: billnotben
It's even registered in Switzerland to avoid paying UK's rate of VAT.

Thats probably why the idea will be taken seriously - because the UK is a soft touch on rule benders and breakers.
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Re: Universal benefits via Paypal

Quote from: billnotben
Paypal isn't a bank. It's even registered in Switzerland to avoid paying UK's rate of VAT.
In that respect I guess it's acting like a UK bank.

Paypasl is a bank and it's European operations are based in Luxemburg.
Quote
From July 2007, PayPal operates across the European Union as a Luxembourg-based bank.
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Re: Universal benefits via Paypal

Yes I vaguely remember reading something about that a few months back actually. They now have their own international bank code and things too from what I remember.
Until artmo posted I'd completely forgot about it.
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Re: Universal benefits via Paypal

More about it on the following link - an article which is from 2007 but i only remember hearing about it last year:
http://www.telegraph.co.uk/finance/markets/2808982/PayPal-becomes-a-bank-to-fight-off-Google.html
Also I have a feeling bitcoin is also now a bank too isn't it? - Maybe thats what I've got confused with hearing about last year. To be honest, me and banks don't mix well hence the lack of accurate memory.
EDIT:
Yep, Bitcoin is the one I remember hearing of last year - just found this again:
http://www.bbc.co.uk/news/technology-20641465
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Community Veteran
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Re: Universal benefits via Paypal

Switzerland Luxemburg I knew it was some tax avoiding country.
Are you really sure it's a bank by all definitions.
If it is why would it's own head of business development say in 2012......
"We are now working more closely with banks"
"As a payments company"
BryanP
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Re: Universal benefits via Paypal

Quote from: billnotben

Paypal isn't a bank. It's even registered in Switzerland to avoid paying UK's rate of VAT.

There is more money being transacted through Paypal then any UK bank
Community Veteran
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Re: Universal benefits via Paypal

I expect you could say the same for some money laundering operations but that wouldn't make them a bank.
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Re: Universal benefits via Paypal

I think on ebay paypal offers credit for expensive stuff now so they're certainly looking more and more like a bank.
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Re: Universal benefits via Paypal

Quote
Online payments company PayPal is to become a bank as part of a push to beef up its European operation and fend off fierce new competition.PayPal said it was moving its headquarters to Luxembourg, where it has been awarded a banking licence.

2 further quotes from 2007 when the move took place.
@billnotben I really don't see your objections to Paypal.  How many of the other companies are banks?
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Re: Universal benefits via Paypal

Quote from: artmo
@billnotben I really don't see your objections to Paypal.  How many of the other companies are banks?

I don't either. I think it's a good idea of the government to actually keep up with the real world for once. Now all the scroungers can buy their weed online via paypal safely and securely without being mugged in the street  Cheesy
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Community Veteran
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Re: Universal benefits via Paypal

I have no objections to Paypal as such. I thought we were discussing whether they were a real bank or not.
The 2007 quote was something about getting a banking licence from Luxembourg.
My 2012 quote was from their own head of business development which more than suggests they are not recognised as a bank in the UK.
Community Veteran
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Re: Universal benefits via Paypal

They got a banking licence in 2007 and are recognised as a bank. 
The bit you quote about working closely with banks referred to them getting other banks to operate certain services for them such as credit cards and card processing. This is quite normal for banks to use each others services.
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Re: Universal benefits via Paypal

Which is all besides the point because:
Now all the scroungers can buy their weed online via paypal safely and securely without being mugged in the street  Cheesy
(Come on, we gotta get a laugh out of this topic somehow!)
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