Paypal invents, and then takes back, a $ 2500 fine for “improper payments” and then sinks
Shares of PayPal fell more than 6% (equivalent to about $ 5 billion in market capitalization) in early trading on Monday, after a massive Internet campaign to cancel accounts went viral in response to the policy. now revoked, of the company that provided a fine of $ 2,500 for users who allegedly promoted "misinformation" or "hatred".
The company backtracked on the line of the user agreement, according to which for every violation of the company's policies, PayPal withdrew money directly from the accounts, $ 2,500 per violation. Something that no payment company even remotely thinks of doing, because it would destroy their credibility. Instead PayPal did it.
This communication sparked outrage, but the company did even worse, claiming the $ 2,500 fine was sent "in error" and "included incorrect information." As if the users were all a bunch of idiots who like anything.
“ An AUP notice was recently sent by mistake that included incorrect information. PayPal does not fine people for misinformation and this language has never been incorporated into our policy , ”a PayPal spokesperson told The Epoch Times in an email. “ Our teams are working to correct our policy pages. We are sorry for the confusion this has caused , ”the spokesperson added. And even if it were true it would be very serious: a company of this size that makes a mistake of this size is sensational, absolutely incomprehensible.
Users obviously took it very, very badly. Quite a few have just left the service:
What a relief! Suck it PayPal. #CancelPaypal pic.twitter.com/tM23EhAfkD
– Tara Lee (@sarcastic_tara) October 8, 2022
Then the shares of PayPal then fell by more than 5%….
Shareholders have understood well that even just thinking that a payment company can arbitrarily fine its customers for, perhaps, posting on social media, arbitrarily taking $ 2500 away from them is crazy, as to make the payment company immediately shut down. But this is the current situation in these large societies, slaves of the politically correct.
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The Paypal article invents, and then takes back, a $ 2500 fine for "improper payments" and then sinks comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/paypal-inventa-e-poi-si-rimangia-una-multa-da-2500-dollari-per-i-pagamenti-impropri-e-quindi-affonda/ on Tue, 11 Oct 2022 06:00:20 +0000.