Paypal Set to Layoff 325 Staff and 120 Contractors

Technology SecurityPaypal has long held its monopoly as the biggest peer to peer online payments system due in part to the early creation of the company.

In an effort to speed up deployment of new services which will help Paypal keep the crown of Online Payment King they have just announced they plan to Layoff as many as 325 staff and up to 120 worldwide contractors.

This move to slim down operations will allow Paypal to streamline their operation and will help to speed up deployment of new products or services.

Paypal is hoping that this shock news in a time when most online payments companies are adding staff will not affect their long term value and they have made some forward looking statements that only a short term hit will occur.

There are reported to be 117 million active users of Paypal and most of these users are happy with Paypal handling smaller online auction payments or payments between friends.