PayPal is working with German banks to fix issues that disrupted millions of online payments last week.
The Sueddeutsche Zeitung reported that banks had blocked €10bn in payments on Monday over concerns PayPal’s security system failed to vet transactions.
The disruption has renewed focus on local alternatives, including the European Payments Initiative’s Wero wallet. German banks had ended their domestic PayPal competitor Giropay/Paydirekt in May to back the EPI startup.
In an e-mailed statement to Reuters, PayPal said the disruption had been resolved.
“We apologise for the inconvenience caused by the current events,” PayPal said. “Safety remains our top priority. We are working closely with our banking partners to resolve any discrepancies on customers’ accounts. All legitimate merchant transactions will be fully remunerated.”
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