Paypal has apologised to its customers after reversing the policy to fine them $2,500.
The digital financial service had published a policy update prohibiting customers from using its services for activities identified by it as “sending, posting, or publication of any messages, content, or materials” promoting misinformation.
The new policy, which said customers could have to pay damages of $2,500 for each violation, was supposed to go into effect on Thursday, November 3, 2022.
Intense backlash followed the introduction of the policy, as many people took to their social media platforms over the weekend to decry the development.
Amongst the critics of the company after the policy was disclosed was PayPal’s former president, David Marcus, who slammed the policy in a tweet, saying the new policy “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.” Marcus tweeted.
Sharing Marcus’ sentiment on the matter, the world’s richest man Elon Musk, who serves as a co-founder of PayPal, tweeted “Agreed” in response to the former.
Reversing the policy, Paypal stated that “it is not fining people for misinformation and this language was never intended to be inserted in our policy. We’re sorry for the confusion this has caused.”
