PayPal has suffered a massive backlash from consumers after it threatened to forcibly withdraw thousands of dollars from customers who spread “misinformation”, with data showing almost 100,000 visits to its cancellation pages across two days.
The online finance behemoth has since updated its terms and conditions removing a new clause which threatened users who published misinformation that they could be subject to “liquidated damages of $2,500.00 U.S. dollars per violation”.
PayPal has suffered a $6 billion market capitalisation loss after the company's controversial policy change. Picture: Getty Images The web traffic to this section across the two days amounted to 96,000 – a seismic uptick from the entire month of September where visitors to the cancellation page never exceeded 7,000 in a single day.
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