PayPal stock slides after report of German banks blocking payments

Robert Way

PayPal Holdings (NASDAQ:PYPL) stock dipped 2.6% in Wednesday premarket trading after a media report that German banks had blocked payments due to a technical issue with PayPal's security system.

The U.S. payment technology company's security systems, designed to weed out fraudulent payments, apparently failed, tying up "direct debits worth tens of billions," German newspaper Süddeutsche Zeitung reported.

PayPal (NASDAQ:PYPL) didn't immediately respond to Seeking Alpha's request for comment.