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As of March, the PayPal transactions in Thailand will end

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As of March, the PayPal transactions in Thailand will end

PayPal, the popular online payment service, announced yesterday that from March 7, consumers in Thailand will no longer be able to use their PayPal wallets to shop or make and receive payments online.

“They will be able to withdraw any balance in their PayPal wallet to their bank account,” the announcement said.

“The Consumers in Thailand only make payments by debit or credit card to merchants that offer the Guest Checkout function. New consumer account registration is not available until further notice.”

PayPal also wrote that from March 7, existing PayPal accounts registered for freelancers, casual sellers and entrepreneurs/sole traders in Thailand will have limited functionality except to make bank withdrawals. New account registration for freelancers or individual sellers is not available until further notice.

“For many months we have been diligently working to relaunch PayPal in Thailand. As a locally licensed payment provider, we have gradually updated our products and processes to ensure we comply with all applicable Thai laws. We had hoped to welcome more Thai customers in the next phase of our relaunch in March,” the company explains.

“Unfortunately, we need more time to reach this next stage and further expand our services in Thailand.”

The company said it is working closely with relevant authorities in Thailand to accelerate the relaunch and minimize disruption to customers.

PayPal is apparently entangled in the confusion created by Thailand’s attempts to overhaul its regulatory framework to accelerate its financial technology and transform it into a digital economy.

In other words, in order to operate here, PayPal must comply with Thai law, especially anti-money laundering and tax laws.

For more information, visit: https://www.paypal.com/th/webapps/mpp/thailand-relaunch-faq.

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