PayPal, the global payments giant, faced a temporary but significant service outage on Thursday, November 21. The issue began at 10:53 UTC and disrupted a wide range of services, including account withdrawals, express checkout, peer-to-peer payments via Venmo, and cryptocurrency transactions. The outage lasted nearly two hours, with services restored by 12:59 GMT, according to the company’s status page.
Thousands of Users Affected
The disruption caused significant inconvenience to users worldwide. Downdetector, a platform that tracks service outages through user reports, recorded over 7,000 complaints by 12:12 GMT, with the peak number of reports reaching nearly 9,000. Users in regions such as the UAE also reported issues, particularly around 5 PM local time. The most common complaints included login failures and payment processing issues.
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Social media platforms, including X (formerly Twitter), were inundated with complaints from frustrated customers. Many shared screenshots of error messages such as “Please check your entries and try again,” highlighting their struggles to access accounts or complete transactions.
Ripple Effects on Cryptocurrency Services
The timing of the outage coincided with a major surge in cryptocurrency markets. Bitcoin, the world’s largest cryptocurrency, soared to an all-time high of over $98,000, causing increased activity on financial platforms. PayPal, which allows users to buy, sell, and hold cryptocurrency, confirmed that its crypto services were among those affected.
The ripple effects extended beyond PayPal. Popular cryptocurrency exchanges like Coinbase and Kraken reported related issues, including delays in PayPal transaction processing and deposit services.
Quick Resolution but Lingering Concerns
PayPal’s technical teams acted quickly to resolve the issue, with the company updating users via its service status page. Despite the swift resolution, the incident underscores the heavy reliance on platforms like PayPal for global financial transactions.
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Since its founding in 1998, PayPal has grown into a global financial powerhouse, boasting 432 million active accounts as of September 2024. It plays a pivotal role in online payments, peer-to-peer transfers, and cryptocurrency transactions. However, the brief outage highlights the challenges even industry leaders face in ensuring seamless service amid growing demand for digital financial solutions.