PayPal, one of the leading retail payment giants, has faced huge backlash from its customers after a potential fine warning.
This announcement came as part of a new policy made by the company that aimed to stop the spread of misinformation. Derbyshire Live reported that the fine was set to come into place next month, but since then, PayPal has done a U-turn on the policy.
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Google searches for the phrase "delete PayPal" jumped by 1,393 per cent after the news claiming that the payment company said they would be fining users for spreading misinformation.
A spokesperson for the company stated: “PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy.”
PayPal had planned to introduce the misinformation policy on November 3, in accordance with several reports. But, shares in the company fell by almost 6 per cent after the update.
Financial World conducted analysis that found that worldwide Google searches for the "delete PayPal" phrase and "cancel PayPal" saw massive spikes. A Financial World spokesperson said: "PayPal has received backlash from their announcement, which was quickly retracted.
“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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