Paypal offers alternative to paying back IOU’s
NEW research from PayPal reveals that Irish consumers owe their family and friends an estimated €575 million in small, unpaid debts.
Dundalk based PayPal confirmed this week it has scrapped its fees for Euro money transfers between friends and family in Ireland to encourage more consumers to turn away from cash and embrace faster mobile payments.
Despite the popularity of smartphones in Ireland, people still rely heavily on cash. But many people do not realise the financial and time cost involved in using cash. A third of Irish consumers (33%) have had to pay fees at a cash machine, or for internet or telephone banking just to make a payment to their friends or family.
Smartphone alternatives like the PayPal app help eliminate many of the problems associated with cash and old-fashioned transfers.
Louise Phelan, Vice President at PayPal, comments: ‘Cash is still king in many people’s eyes, but it doesn’t deserve our loyalty. Cash comes with hidden costs and frustrations, both financial and personal.’
‘ There seems to be an Irish taboo around asking to be paid back by friends and family. Almost a third of us prefer to do nothing and not ask to be paid back, leaving many people out of pocket. But we should expect more from our financial services. We have these incredibly powerful computers in our pockets, which should make our lives easier. Not only does the PayPal app save you the time and hassle associated with sending money to friends and family, it can now help save you money too. We’ve scrapped fees for Euro money transfers across the nation, so now there’s no excuse for not settling up!’