Financial tech payment platform PayPal Holdings, Inc. (PayPal) found itself at the heart of a big social media outrage, after announcing a new user policy which lets it fine users $2,500 for spreading “misinformation.” Even though the company has later clarified that the policy would not go into effect, there was a dramatic spike in social media conversations (Twitter and Reddit). Against this backdrop, social media sentiment was mostly negative on PayPal’s move on its term of Acceptable Use Policy, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.
Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Most of the social media influencers are of the opinion that the move is against the freedom of speech. A handful of influencers suggested customers not only to close their account in PayPal and remain short for the company but also to switch to an alternative payment provider, such as bitcoin or other cryptos for transactions.”
Below are a few of the most popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:
“It’s hard for me to openly criticize a company I used to love and gave so much to. But @PayPal’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity.”
“Freedom of expression is important, and this is one of the easiest ways to support it that I’ve ever seen. If you have a PayPal account, consider switching to a better, more modern, less tyrannical payment provider.”
“PayPal just removed the ability for users to close their accounts. WTF!?! If they deem you spread “misinformation” they can deduct $2,500 from you account. This is criminal. Short $PYPL to the ground. Let’s end this corrupt failing tech company.”
- Dave Collum, Professor of Chemistry at Cornell University says PayPal cannot run away from its plan now
“That Paypal has backed away from their plan to doc your bank account up to $2,500 on social media for posting misinformation is a bell that cannot be un-rung. It is foreshadowing of authoritarianism. Possibly unstoppable. It was a good run to now.” - Leo Sun, Technology Specialist do not support PayPal for its new policy:
“Payment platforms should be politically neutral. If someone does something illegal, law enforcement agencies (NOT PAYPAL) should shut down their accounts. PayPal might have walked back this idiotic decision, but it’s already banned other individuals for their political views.”
