The internet was agog with speculation following PayPal's decision to fine users a whooping $2,500 for misinformation. As we reported earlier, the policy has sparked public outrage from major influencers who think the popular financial institution is striding too far.
Following the announcement and the sporadic backlash, the shares of the California-based company shrunk by well over 6%. PayPal has cleared the air declaring the policy a "mistake."
A spokesperson for PayPal says: "PayPal is not fining people for misinformation, and this language was never intended to be inserted in our policy. We're sorry for the confusion this has caused."
While this new announcement would calm the waters for a while. The effects of this 'error' might trigger for a while as numerous users on social media have announced intentions to boycott the payment processing company.