PayPal is set to suspend nearly all of its operations in Taiwan in order to meet local legislation changes, leaving thousands of people unable to transfer money domestically and abroad.
‘Streamlining’ its services
In a company announcement, PayPal declared that from September 21st, people living in Taiwan would no longer be able to send or receive payments from other PayPal accounts registered in Taiwan.
The payments processor revealed that it was ‘‘streamlining our services… to ensure that domestic commercial payments will not be processed, in compliance with local laws and regulations.’’
It seems that PayPal has reacted to a new law that forces payment processors to hand over a percentage of its transfer fees.
However PayPal has noted that business owners will be able to receive payments through its service when dealing with international sales and trading. Merchants can also make payments for purchases of goods and service from traders abroad.
This is not the first time PayPal has jumped ship
PayPal is making a habit of suspending its services in various countries. Last week, the processor pulled out of Puerto Rico after its government demanded that all money transmission firms pay a two per cent tax.
PayPal immediately announced that it would suspend its person-to-person payment services, effective as of November 1st 2015.
Now that these two nations are without a major payments processor, who will step in to fill the void?
Rumours suggest that bitcoin and blockchain may provide a way for people to transfer money to each other domestically and overseas. During Greece’s economic crisis, citizens were turning to bitcoin in order to receive wages and transfer money.
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