PayPal payment processor has notified Magento 1 merchants through the blog post and email suggests to go for Magento 2 migration before Adobe pulls plugs on the Magento 1 platform. The announcement from PayPal also goes on to list the consequences of not migrating.
PayPal Mentions the risk involved and what happens if you continue to stay with Magento 1 platform after EOL. The risks like a data breach, security breach, falling out of PCI DSS compliance, and others are few increased risks Magento 1 merchants have to bear.
Once you lose the PCI compliance, you won’t be able to take payment and it would become easy for hackers to target your store for stealing data. PCI DSS standards are set by the major payment processors to secure the transaction against theft and fraud.
So, it applies equally to all the merchants and payment processors worldwide. And PayPal is not an exception for this rule and thus, merchants who have integrated PayPal also have to comply with PCI DSS standards. Read the full announcement of the PayPal about Magento 1 EOL In detail to know more about what you should do to stay compliant with PCI DSS guidelines.