Google searches for the phrase ‘delete PayPal’ exploded by 1,392%, after the online payment giant announced plans to fine users $2,500 for spreading misinformation, new analysis shows.
The announcement by PayPal, which caused an uproar on social media, has since been retracted. A spokesperson for the company stating: “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”
The new policy was set to come into effect on November 3 and announced that anyone who publishes misinformation about the company could be fined $2,500 per violation. The study, conducted by Financial World analysed Google search data to reveal that both ‘delete PayPal' and ‘cancel PayPal’ saw huge spikes in searches across the globe.
A spokesperson for Financial World commented on the findings: “PayPal has received backlash from their announcement, which was quickly retracted. The backlash can be clearly seen on social media but also in these huge search spikes for people wanting to remove themselves from the platform altogether.
“Many posts can be seen highlighting the issue that PayPal announced they could deduct $2,500 straight from your account for misinformation, with hundreds of people suggesting closing their accounts to avoid this penalty. Famous faces, including Elon Musk, have been in agreement that the new policy is misguided.”
On Twitter, Paypal's former president David Marcus said: "It’s hard for me to openly criticize a company I used to love and gave so much to. But PayPal ’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity."
Elon Musk - who was co-founder of PayPal but sold his shares to eBay for $175.8 million in 2002 - said he 'agreed' with Mr Marcus. Paypal's shares fell by more than 6% amid the backlash to the announcement
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