PayPal accounts in Thailand to continue operating as normal
PayPal, a major provider of online payment services, announced on Saturday that the limitation of accounts scheduled to go into effect from March 7 will not be implemented.
This means users in Thailand can continue making money transfers and shopping online using PayPal.
Businesses and sole proprietors who have opened PayPal accounts before March 7, 2021, can also continue using their existing accounts to send and receive payments.
“We will be engaging them shortly to provide our direct assistance, collect more information and offer support based on their circumstances,” PayPal said.
The move came after PayPal’s new policy caused much confusion and concern among online sellers in Thailand.
According to an earlier PayPal directive, people in Thailand with existing PayPal accounts would not be able to use their PayPal wallet to shop online from March 7 until further notice.
PayPal had encountered delays in complying with Thai laws and regulations requiring individual account holders to confirm and verify their identities in order to comply with the Anti-Money Laundering Office’s requirements.
The Bank of Thailand extended the deadline for PayPal to transfer its services to PayPal Thailand until the end of this year to prevent disruptions for existing customers.
In its statement, PayPal admitted that the proposed changes to its services led to confusion among customers — especially freelancers, casual sellers and sole proprietors.
“We sincerely apologise for this. We deeply regret the confusion and inconvenience caused to our customers and their businesses. We are committed to serving our customers in Thailand and will work hard to regain their trust,” it said.
“We have been working closely with the Thai authorities to address our customers’ concerns,” a PayPal spokesperson said.
The company also said it would continue updating its products and processes to ensure regulatory compliance in Thailand.
“This will include collecting the necessary identification data from natural persons for know your customer [KYC] verification in accordance with Thai laws. We will share more details about the process with our customers later this year,” it said.
