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Technology news and Jobs 
Fuzzy Logic ACCC still monitoring eBay, PayPal a bank?
Fuzzy Logic ACCC still monitoring eBay, PayPal a bank? | ACCC still monitoring eBay, PayPal a bank? |
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| by Alex Zaharov-Reutt | |
| Wednesday, 09 July 2008 | |
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Page 2 of 2 SmartCompany then quotes Feiler saying: “eBay does promote PayPal because of its security benefits.” The article also quotes Feiler exploding the “myth that PayPal is not regulated in Australia” despite eBay not being a party to the EFT. That’s because PayPal does indeed “have a banking license and is regulated under Australian banking laws”, with Feiler quoted saying: “Anyone with a complaint about the PayPal dispute resolutions process can take it to the banking and financial services ombudsman and have that third party review the case.” Feiler continues: “PayPal standards either meet or exceed the EFT code of conduct. PayPal does have systems in place that should give all Australian users certainty that they are dealing with a body that is regulated.” Of course if PayPal has a banking license, why doesn’t eBay go the whole hog and join the EFT as well? That might make concerned sellers a lot happier. But clearly eBay’s actions in the first place have ruptured trust in the community, with rival auction sites claiming big jumps in activity and listings, with even Telstra prompted to re-launch its own auction site ambitions through information arm Sensis and the Trading Post vehicle of online and offline sales and now auctions. Rebuilding that trust will take more than a simple statement saying that eBay has withdrawn its notice to the ACCC. What happens next with all those relevant Ministers across Australia is yet to be seen, but the eBay saga could continue on for some time yet, much to the chagrin of eBay, the ACCC and sellers alike.
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