Local PayPal transactions to end next month

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Local PayPal transactions to end next month

Online payment provider says relaunch in Thailand delayed as it seeks more time to comply with local laws

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(Bloomberg Photo)

Consumers in Thailand with PayPal accounts will not be able to use the service after March 7, the online payment company has announced.

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As well, the accounts of freelancers, small-scale entrepreneurs and casual online sellers will have “limited functionality”, the company said.

This has implications for thousands of people who have taken up online selling to earn extra income in the past two years at a time when the pandemic was affecting employment and earnings.

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PayPal has been attempting for several months to roll out a phased relaunch in Thailand but said it had encountered further delays in complying with local laws and regulations.

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“For many months, we have been working diligently on the relaunch of PayPal in Thailand,” it said in a statement posted on its website. “As a locally licensed payments provider, we have been gradually updating our products and processes to ensure we comply with all applicable Thai laws. We had hoped to start welcoming more Thai customers in the next phase of our relaunch this March.

“Regrettably, we need more time to reach this next phase and to extend our services further in Thailand.”

From March 7, it said, consumers in Thailand with an existing PayPal account will no longer be able to use their PayPal wallet to shop online, and make or receive payments until further notice. They will be able to withdraw any balance in their PayPal wallet to their bank account.

Consumers will still be able to make payments using a debit or credit card to merchants that offer the Guest Checkout function.

New account registration for consumers, freelancers or casual sellers will not be available until further notice, the company said.

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“We understand that this news will disappoint many of our customers, and for this we sincerely apologise,” the company said. “We are working closely with the relevant authorities in Thailand to accelerate our relaunch and minimise the disruption to our customers.”

Further details and a Q&A are available on the company’s website for consumers or entrepreneurs seeking to clarify the status of their accounts.



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