PayPal to cut 2,000 jobs, or 7% of its workforce

[Social Media]

PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls "the challenging macro-economic environment."

PayPal said it will make the cuts over several weeks, with some of its organizations affected more than others. The company did not further specify. PayPal is the parent of payment apps Venmo and Xoom and the coupon service Honey, among other brands.

 

[save the frogs]

microsoft, facebook , bunch of tech companies slashing jobs like crazy.

 

plus microsoft investing billions into OpenAI. AI will displace millions of jobs in the next few years. 

 

 

[StayinThailand2much]

1 hour ago, Black Ops said:

PayPal said Tuesday it will trim about 7% of its total workforce, or about 2,000 full-time workers, as the digital payments company contends with what it calls "the challenging macro-economic environment."

Not to mention the company's decision to limit their business in some countries to only the local populace.

[Celsius]

1 hour ago, StayinThailand2much said:

Not to mention the company's decision to limit their business in some countries to only the local populace.

 

I think you are confused. Why would PayPal do something silly like this?

[Inepto Cracy]

Alas StayinThailand2much is 100% correct.

[StayinThailand2much]

5 hours ago, Celsius said:

 

I think you are confused. Why would PayPal do something silly like this?

Have you heard that people in Thailand without Thai ID cannot use PayPal?

 

 

[Celsius]

2 hours ago, StayinThailand2much said:

Have you heard that people in Thailand without Thai ID cannot use PayPal?

 

 

This decision has nothing to do with PayPal. This is Thai government wanting control over taxes paid and PayPal had to comply.

[soi3eddie]

10 minutes ago, Celsius said:

This decision has nothing to do with PayPal. This is Thai government wanting control over taxes paid and PayPal had to comply.

Do you really think that Thai citizens using PayPal in Thailand are paying taxes where due?

 

[Celsius]

1 hour ago, soi3eddie said:

Do you really think that Thai citizens using PayPal in Thailand are paying taxes where due?

 

 

They will have to now.

 

This is exactly why PayPal is not allowing anyone to register unless they provide a tax id.

 

Again, this was not PayPal decision, I remember  20 years ago Canadian government went after eBay sellers for not declaring their income. eBay protested giving out customer information as it was invasion of privacy. In the end they could not argue against the government and had to comply. Do you really thing these companies what to lose the business?

 

People are so quick to trash the company without even bothering to research a full story.

 

 

[soi3eddie]

43 minutes ago, Celsius said:

 

This is exactly why PayPal is not allowing anyone to register unless they provide a tax id.

Not true. No tax id needed. 

A Thai id card is needed for a personal account but NOT a tax id.

 

Edited February 2, 2023 by soi3eddie

[Tropicalevo]

5 hours ago, StayinThailand2much said:

Have you heard that people in Thailand without Thai ID cannot use PayPal?

Yes.

I have a Thai id and the PayPal application said that it was not a valid id.

My account was closed.

[Tropicalevo]

12 hours ago, StayinThailand2much said:

Not to mention the company's decision to limit their business in some countries to only the local populace.

It was not PayPal's decision.

It was restrictions imposed by the Thai government in order to stop 'money laundering'.

[treetops]

The method chosen by Paypal to prove ID is only available to Thai nationals so they have effectively ruled out others holding accounts here.

 

They could have chosen other methods of proving ID but didn't, so the decision was theirs and theirs alone.

[NativeBob]

For e-commerce owners/merchants found and moved to different payment processors since last year. Even crypto-coins. PayPal went into complete trash over last (say) 7-10 years, with horrible customer support outsourced (I guess) at the price of rice bowl per day.

Trimming 2,000 workforce is almost nothing to such giant though.