Campaigners urge Paypal to do business with Palestinians
#PayPal4Palestine is the hashtag that campaigners have been using on social media to lobby PayPal to open up its services to Palestinians after the payments firm refused to meet with activists from Americans for a Vibrant Palestinian Economy (A4VPE). PayPal is freely available to Israelis and Israeli settlers.
The group has sent an open letter to PayPal CEO Daniel Schulman asking him to reconsider the company’s stance. In the letter the A4VPE reject the assumption that offering PayPal to Palestinians represents a security threat.
The letter says: “We have been told that PayPal is concerned about the compliance investments required to enter the Palestinian market. We believe such costs have been greatly overestimated. The U.S. Treasury Department has spent a great deal of time working with the Palestine Monetary Authority to strengthen safeguards against abuse. PayPal currently operates in over 203 countries including places with major problems of corruption and terrorism like Somalia and Yemen. We are confident that Palestine will prove a much easier place to profitably do business than these and other markets that PayPal has already entered.”
PayPal have been in contact with a statement:
“PayPal’s ambition is for everyone ultimately to have access to our services for digital payments and commerce, in accordance with applicable regulatory requirements. We appreciate the interest that the Palestinian community has shown in PayPal. While we do not have anything to announce for the immediate future, we continuously work to develop strategic partnerships, address business feasibility, regulatory, and compliance needs and requirements, and acquire the necessary local authority permissions for new market entries.”