🏴‍☠️Germany🇩🇪: PayPal🇺🇸 users shocked as banks halt customer transactions

🏴‍☠️Germany🇩🇪: PayPal🇺🇸 users shocked as banks halt customer transactions

Early last week, the banking sector suspended payments worth EUR 10 billion due to concerns that PayPal’s security system had allegedly stopped verifying them for potential fraud. The issue has since been resolved, but mistrust remains.

➡️ A surge in suspicious direct debit operations was detected. PayPal’s shares dropped between 1.9% and 2.5% in early trading following the reports.

➡️ On a broader scale, the incident raised concerns in Europe about consumer reliance on an American company for online payments.

➡️ In May, German banks decided to discontinue Giropay/Paydirekt, their own PayPal competitor, and instead switched support to the pan-European initiative EPI.

➡️On Friday, PayPal stated that it is working on addressing the remaining issues following the large-scale outage.

#news #Europe

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