PayPal stops Personal Payments in Singapore

PayPal’s Personal payments services stops in Singapore due to regulatory instructions.

PayPal Singapore has announced that it will discontinue its Personal Payments services in the country starting today, 20^th February. Reaching out to PayPal if stopping of the service was due to regulatory changes, their official response was:

“Sorry, we cannot elaborate on the regulatory instructions. We are committed to complying with all applicable laws and regulations in every jurisdiction that we do business in.

The Personal Payments service was offered to our Singapore PayPal users for the payment of rental charges, shared expenses, or payments owed. However, users in Singapore can still make and receive commercial payments with their PayPal accounts, regardless of whether the account is a Personal, Premier or Business account.”

From the comment, PayPal users will only see personal account credit transfers being stopped. Payments for services or goods purchased remain unaffected. Business Accounts will also not see any changes to their ability to pay for services rendered, even freelancers.

Image Credits: Reuters

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