Global online payment PayPal is scheduled to suspend most services for consumers, freelancers and sole proprietors in Thailand from March 7 as it is seeking ways to comply with Thai regulations.
Meanwhile, industry pundits believe the move would make PayPal potentially lose customers and allow other competitors to step in amid strong competition in the segment.
“We have already opened account registration for registered businesses and continue the process of transferring existing registered business customers to PayPal Thailand,” a PayPal spokesperson told the Bangkok Post.
“Regrettably, we need more time to prepare our services for consumers, sole proprietors, and freelancers or casual sellers, in order to comply with all applicable Thai laws.”
From March 7, consumers in Thailand with an existing PayPal account will no longer be able to use their PayPal wallet to…
