PayPal suspension to affect small businesses, consumers, freelancers

PayPal has confirmed its services in Thailand will be suspended from March 7 as it reviews its agreements in order to comply with Thai regulations. Speaking to the Bangkok Post, a spokesperson said consumers, sole proprietors, and freelancers will be affected by the move for a time.

“We have already opened account registration for registered businesses and continue the process of transferring existing registered business customers to PayPal Thailand. 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.”

According to the Bangkok Post report, people who normally use their PayPal wallet to shop online will no longer be able to do so. Consumers can withdraw their balance from their PayPal wallet to their bank account and will still be able to pay for goods or services using the Guest Checkout feature and a debit or credit card.

From March 7, accounts that are registered to casual sellers or freelancers, as well as small businesses in Thailand, will only be able to make bank withdrawals. With the exception of registered businesses, people will be unable to register for a new PayPal account until further notice.

Meanwhile, business account holders will be required to accept new PayPal Thailand agreements and verify their identity by February 18. Failure to do so will mean their accounts will have limited functionality from March 7 and they will be unable to send funds or make and receive payments through PayPal.

Monsinee Nakapanant from Ascend Money, operators of TrueMoney Wallet, says the PayPal suspension will primarily affect online sellers, freelancers, and consumers, in particular those who conduct financial transactions with Western markets. However, Thai consumers still have other options available to them, such as the TrueMoney Wecard, which they can use without debit or credit cards to pay international providers.

There is also an opportunity for Thai mobile operators to step in and offer their services to Thai businesses and freelancers who need to receive international payments.

SOURCE: Bangkok Post