No PayPal transactions in Thailand from March 7, no new registrations allowed either
PayPal, a popular online payment service, announced on Saturday that as of March 7, consumers in Thailand will no longer be able to use their PayPal wallet to shop online or make and receive payments.
“They will be able to withdraw any balance in their PayPal wallet to their bank account,” the announcement said.
“Consumers in Thailand will still be able to make payments using a debit or credit card to merchants which offer the Guest Checkout function. New account registration for consumers will not be available until further notice.”
PayPal also said that from March 7, existing PayPal accounts registered to freelancers, casual sellers, and entrepreneurs/sole proprietors in Thailand will have limited functionality, except to make bank withdrawals. New account registration for freelancers or casual sellers will not be available until further notice.
“For many months, we have been working diligently on the relaunch of PayPal in Thailand. As a locally-licensed payments provider, we have been gradually updating our products and processes to ensure we comply with all applicable Thai laws. We had hoped to start welcoming more Thai customers in the next phase of our relaunch this March,” explained the company. “Regrettably, we need more time to reach this next phase and to extend our services further in Thailand.”
The company said it is working closely with relevant authorities in Thailand to accelerate its relaunch and minimise disruption to customers.
PayPal is apparently mired in the confusion sparked by Thailand’s moves to overhaul its regulatory framework to accelerate its financial technology and turn into a digital economy.
In other words, to operate here, PayPal must adhere to Thai law, especially its anti-money laundering and tax legislation.
For more information visit: https://www.paypal.com/th/webapps/mpp/thailand-relaunch-faq
