Benzinga | Jan 11, 2021 02:01AM EST

Payments Processor Stripe Latest To Ban Trump Amid Burgeoning Tech Backlash

Financial technology company Stripe Inc will no longer process Trump campaign payments, the Wall Street Journal reported Sunday.

What Happened: The San Francisco, California-based company is halting payments processing for the Trump campaign for violating its policies against encouraging violence, people familiar with the matter told the Journal.

Stripe terms state that it does not process payments for "high risk" activities including any business or organization that "engages in, encourages, promotes or celebrates unlawful violence or physical harm to persons or property."

Why It Matters: Last week, outgoing President Donald Trump's supporters violently stormed the U.S. Capitol.

Since the violence, several tech companies issued permanent bans on Trump including Facebook Inc (NASDAQ:FB) and Twitter Inc (NYSE:TWTR).

Several platforms have since then either removed Trump's accounts or accounts associated with pro-Trump violence, according to Axios.

These include Reddit, which has banned the subreddit group "r/DonaldTrump," Amazon.com, Inc (NASDAQ:AMZN)-owned Twitch, and Shopify Inc (NASDAQ:SHOP), which has removed two stores affiliated with Trump's organization and his campaign.

Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) video streaming service YouTube is fast-tracking enforcement against election misinformation.

Earlier, Alphabet, Apple Inc (NASDAQ:AAPL), and Amazon stopped services to Parler, the conservative alternative to Twitter.

Snap Inc.'s (NYSE:SNAP) Snapchat has also disabled Trump's account as of Wednesday. Pinterest says it is limiting hashtags such as #StopTheSteal.

Photo by Gage Skidmore on Flickr