Users of PayPal could be fined $2,500 (roughly £2,261.24) for spreading misinformation.
PayPal had planned to introduce the new policy on November 3, according to several reports. As a result Google searches for the phrase "delete PayPal" have skyrocketed by 1,392% as users scramble to get rid of their accounts and shares in the company fell nearly 6% after the update , reported The Mirror.
The announcement came as part of a new policy set to come into force next month, but PayPal has since done a U-turn following the backlash. 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.”
