Hashtag PayPalCancelled started trending on Twitter after the app announces a $2500 fine.

Customers have complained to Paypal about a new misrepresentation policy that it swiftly rolled back after introducing it.

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The payment company's new policy stated that beginning November 3, users who provide false information would be subject to a $2,500 fine.

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PayPal apologized on Monday, claiming the original policy had been "issued in error."

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The new update, according to the California-based corporation, "contained false information" and generated a significant outcry on social media over the weekend.

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"This statement was never intended to be added in our policy," said PayPal. "PayPal is not fining people for providing false information.

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We apologies for the uncertainty this has caused, stated a corporate spokesperson.

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The use of PayPal's services for activities it defines as "sending, uploading, or publication of any messages, content, or materials" promoting false information is now prohibited,

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according to a policy update announced last week.Following the rising of the hashtag #PayPalCancelled on Twitter, PayPal swiftly apologized for the "confusion."

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Many prominent people, including the former president of the corporation, David Marcus, criticized the approach.

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