“The reality is that PayPal didn’t spend $4 billion on a browser extension, the company’s primary product that over 17 million consumers have adopted; it spent $4 billion on a company that generates revenue from driving commerce. That’s the affiliate business model, and it’s what’s given Honey tremendous influence over what people buy and where they buy from. Now with PayPal, we’ll see them begin to influence how people pay.”

“Building on the advantages of the reinforcing nature of the data-networkactivities loop, some big techs have ventured into financial services, including payments, money management, insurance and lending. As yet, financial services are only a small part of their business globally. But given their size and customer reach, big techs’ entry into finance has the potential to spark rapid change in the industry. It offers many potential benefits. Big techs’ low-cost structure business can easily be scaled up to provide basic financial services, especially in places where a large part of the population remains unbanked”