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PayPal decides to end its business presence in Turkey
(MENAFN) Turkey has been making moves to bring tech business in the country under more localized control, and the big U.S. online payments company PayPal has just became the latest casualty.
Accordingly, the California-based online payments' company announced that it is suspending business operations in Turkey effective June-6, after failing to obtain a new license for its services.
Moreover, Turkey has been in the tech spotlight throughout recent months, but not for particularly positive reasons, hence over April, personal data for nearly 50 million Turkish citizens was leaked online.
Asked why the license was denied, a PayPal spokesperson said that it was a result of new rules that require IT systems to be localized in the country, but PayPal distributes its IT across several global hubs.
"We are sorry to announce that PayPal is suspending its business operations in Turkey, thus our customers in Turkey will no longer be able to send or receive funds with PayPal," said the spokesperson.
Accordingly, the California-based online payments' company announced that it is suspending business operations in Turkey effective June-6, after failing to obtain a new license for its services.
Moreover, Turkey has been in the tech spotlight throughout recent months, but not for particularly positive reasons, hence over April, personal data for nearly 50 million Turkish citizens was leaked online.
Asked why the license was denied, a PayPal spokesperson said that it was a result of new rules that require IT systems to be localized in the country, but PayPal distributes its IT across several global hubs.
"We are sorry to announce that PayPal is suspending its business operations in Turkey, thus our customers in Turkey will no longer be able to send or receive funds with PayPal," said the spokesperson.
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