PayPal Thailand To Suspend Transactions From March 7th

Online payment company PayPal announced that Thai consumers would not be able to use its services after March 7 due to delays in complying with laws and regulations for its relaunch in the country.

In a statement posted on its website, the payment provider said it had been working “diligently” for months on its phased relaunch in Thailand, gradually updating its products and processes to ensure it complies with all applicable Thai laws.

“We had hoped to start welcoming more Thai customers in the next phase of our relaunch this March. Regrettably, we need more time to reach this next phase and to extend our services further in Thailand,” the company added.

Consequently, local consumers will not be able to use their wallets to shop online and make or receive payments from March 7 until further notice. Moreover, accounts of freelancers, casual online sellers and small-scale business owners will have “limited functionality,” the company said.

Registration of new accounts in such categories has also been suspended until further notice, PayPal added.

The measure came as the online payment provider seeks more time to comply with local regulations and reactivate its services in Thailand. But it negatively impacts thousands of people who have started selling or working online for additional income in the last two years, as the Covid-19 pandemic affected their jobs and earnings.

However, the online payment firm clarified that users would be authorized to withdraw the balance from their PayPal wallets to their bank accounts. They can also make debit or credit card payments to merchants that offer the Guest Checkout feature.

“We understand that this news will disappoint many of our customers, and for this we sincerely apologize,” PayPal wrote, adding that its team has asked Thai officials for support.

“We are working closely with the relevant authorities in Thailand to accelerate our relaunch and minimize the disruption to our customers,” it went on.

Consumers or businesses looking to clarify their PayPal wallets’ status can find more details and a Frequently Asked Questions section on the company’s official website.