There was a huge spike in PayPal users looking to delete their accounts after the online payment system updated its policy.
The new addition to the policy said that PayPal users could be fined $2,500 for spreading misinformation about the company. The update sparked an intense backlash on social media at the weekend, with many voicing their anger at the policy including Tesla and SpaceX CEO Elon Musk.
PayPal quickly retracted the update, with a spokesperson saying: “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.” But the initial announcement has done lasting damage, with many users seemingly considering ditching the company.
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Research carried out by Financial World found that Google searches for both ‘delete PayPal’ and ‘cancel PayPal’ surged across the globe following the new update supposedly due to be introduced in November. These searches exploded by a staggering 1,392% in response to news of the fines.
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.”
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