Unless the rules have changed, I'm not sure you need a phone. They mailed me a letter which contained information I had to post back to them. For the bank they made 2 very small deposits to my account and I had to tell them the amounts. That was 8 years ago. It might be different now.
So far they have never called me and the only correspondences are done via email. Which country are you from ?
I don't think there is a need for a home phone . Email should be enough. can you use your cell phone instead?
This requirement may be for certain countries. For India the communication is done through email only.
To get verified you need a credit card. All conversations are by mail. But please be careful with paypal there is a lot of fraud going on. You will get a few fake emails where they ask for your information. Read there terms very carefully. I had already a few issues with them.
Yes its needed in case you face some problem such as account getting hacked or changed email. And wanna get back the money,then PP will called your phone number provided.
For Asian Paypal accounts they ask only for a credit card to verify paypal, for the phone number you can put a mobile phone number for them to contact you. Its not compulsory to put a home number.
Since having a cell phone is almost as common as having a "home phone", it is understandable to have a cell phone as your only phone and PayPal understands that. You do not need a phone in order to verify your account but you will need one to receive calls for instance if PayPal's fraud department were to call you or in other cases such as your account being limited and needing to confirm your telephone number.
Paypal is very secure, you don't have to worry about them possibly taking your money. You can put those fears away because Paypal is very secure and when it comes to information they collect, they only use it if it is necessary for any disputes and such. But yes, they use emails most of the time to notify payments you receive and give out and will use your number for urgent situations I believe.
I do get e mails from them , but don't get any call from them till today , so i think that its not being a that much issue