View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
September 11, 2015updated 04 Apr 2017 4:01pm

PayPal to suspend payment operations in Taiwan

Online electronic payments provider PayPal is set to cease domestic commercial payments in Taiwan in compliance with local laws and regulations from 21 September 2015.

By Verdict Staff

Online electronic payments provider PayPal is set to cease domestic commercial payments in Taiwan in compliance with local laws and regulations from 21 September 2015.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Through the suspension of payments operations in the country, users with Taiwanese PayPal account will be unable to either send or receive funds from other Taiwanese PayPal users. However, users can still receive payments from international sales and trading, as well as make payments for purchases of goods or services from overseas merchants.

PayPal has already issued a notice to its Taiwan customers announcing termination of operations in the country.

The company recently announced that it will close its operations in Puerto Rico as government imposed 2% tax for all money transmission firms.

PayPal said: "We sincerely apologize in advance for any inconvenience this may cause. We will continue to enhance our platform and improve our services to serve your needs."

Financial Supervisory Commission (FSC) Banking Bureau deputy director general Jean Chiu told Taipei Times: "PayPal, whose international office is registered in Singapore and is not registered as a Taiwan-based subsidiary, was barred from processing domestic payment transactions when amendments to the Electronics Payment Processing Institutions Act took effect on May 1."

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International