Online retail payment giant PayPal has faced a huge backlash users could face fines of up to $2,500 (roughly £2,261.24). The announcement came as part of a new policy that aimed to stop the spread of misinformation.
The fine was set to come into force next month, but PayPal has since done a U-turn. According to the Mirror, Google searches for the phrase "delete PayPal " skyrocketed by 1,392% after the payment giant said it would fine 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 new policy on November 3, according to several reports.
Shares in the company fell nearly 6% after the update. Analysis by Financial World found that worldwide Google searches for the phrase "delete PayPal" and "cancel PayPal" saw massive spikes following the news.
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