A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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December 1, 2023
On the web
PayPal User Statistics: How Many People Use PayPal in 2023?
The Tech Report
"PayPal ranks among the top Fintech companies worldwide, with an estimated market value of $84.81 billion."
November 15, 2023
On the web
Introducing Venmo Groups
PayPal Newsroom
"Venmo announced the introduction of Venmo Groups, a new in-app feature that lets users easily track, split, and manage multiple or ongoing expenses among groups like friends, family, roommates, partners, and more."
November 2, 2023
On the web
PayPal Faces SEC Action Related to PYUSD Stablecoin
Cointelegraph
"Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin."
November 1, 2023
On the web
PayPal UK Unit Registers as Crypto Service Provider
Coindesk
"Payments giant PayPal has successfully registered with the U.K. Financial Conduct Authority as a crypto service provider."
October 30, 2023
On the web
Adyen’s Fighting to Scale and PayPal is Fighting to Keep It
Tearsheet
"Adyen and PayPal are feeling the 2023 heat. While Adyen is battling dropping shares and low revenue growth, PayPal is busy tackling an antitrust lawsuit for violating the US competition laws due to its anti-steering policies."
October 26, 2023
On the web
UPS to Acquire Happy Returns, a Leader in Reverse Logistics
UPS-US
UPS announced that it has entered into an agreement to acquire Happy Returns from PayPal. Happy Returns is a U.S.-based software and reverse logistics company that enables frictionless, no-box, no-label returns for merchants and consumers.
October 16, 2023
On the web
Is PayPal Losing its Grip as the ‘King of Digital Payments’?
Tearsheet
"Dwindling stock performance, new CEO challenges, and class action: How are investors reacting?"
October 6, 2023
On the web
PayPal Sued in US Consumer Case Over 'Industry-High' Transaction Fees
Reuters
"Payments giant PayPal was hit with a consumer antitrust lawsuit on Thursday in San Jose, California, federal court for allegedly fashioning agreements with e-commerce merchants that artificially maintain high transaction fees."
October 3, 2023
On the wires
PayPal, Venmo Credit and Debit Cards Now Available to Add in Apple Wallet
PR Newswire
"PayPal Holdings Inc. announced that customers now have the option to add their eligible PayPal and Venmo credit or debit cards to Apple Wallet, and begin making payments with a simple tap of their iPhone or Apple Watch."
September 20, 2023
On the web
PayPal Launches Off-Ramp Service to Streamline Web3 Payments
Blockonomi
"PayPal’s cash-out option, available on wallets, DApps, and NFT marketplaces, debuted on MetaMask. PayPal rolled out its new off-ramp service to simplify Web3 payment transactions, and thus make digital assets more accessible to customers."
September 7, 2023
On the web
PayPal Finally Launches Apple Pay Support for its Credit and Debit Cards
9to5Mac
PayPal is finally rolling out Apple Pay support to its PayPal credit and debit cards. This move was first announced last year as part of a trio of ways PayPal was planning to expand its adoption of Apple Pay, alongside broader support for Apple Pay online and Tap to Pay on iPhone.
August 28, 2023
On the web
How PayPal is Using AI to Combat Fraud, and Make it Easier to Pay
ABC News
"Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations...We're planning on launching three new products with ties to AI in the next 120 days."
August 23, 2023
On the web
PayPal Challenges Delhi High Court Order Declaring It ‘Payment Systems Operator' Under Prevention of Money Laundering Act
Money Control
"A ingle judge HC bench had ruled that PayPal was liable to be viewed as a payment system operator under PMLA and had to report suspicious forex transactions.
August 17, 2023
On the web
Bank of America Assesses Significance of Paypal's USD Stablecoin and Fednow System
Bitcoin News
"Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and the Fednow payments system."
August 16, 2023
On the web
PayPal UK to Halt Bitcoin Purchases Until Early 2024
Cointelegraph
"Cryptocurrency-friendly payments platform PayPal is making some crypto adjustments on its platform in the United Kingdom to comply with local financial regulations."
August 11, 2023
On the web
PayPal’s Stablecoin Unlikely to See Significant Adoption in the Near Term: Bank of America
Coindesk
"The launch of PayPal’s (PYPL) stablecoin PayPal USD (PYUSD) will drive payments efficiencies and an improved customer experience, but adoption of the cryptocurrency is unlikely to be significant in the near term, Bank of America (BAC) said in a research report on Thursday."
August 7, 2023
On the web
PayPal Launches U.S. Dollar Stablecoin
PayPal Newsroom
"Fully-backed, regulated stablecoins have the potential to transform payments in web3 and digitally native environments. To address that emerging potential, PayPal today announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD)."
July 26, 2023
On the wires
Microsoft Deepens Relationship with PayPal to Offer Simple, Flexible Payment Options
PR Newswire
"PayPal Holdings, Inc. and Microsoft Corp., today announced Microsoft's integration of PayPal's Pay Later solution in the U.S., U.K., Australia, Germany, France, Spain, and Italy. In addition, customers in the U.S. will soon have the option to pay with Venmo in the Microsoft Store. Venmo is currently available in the Microsoft Store on Xbox in the U.S."
June 28, 2023
On the web
PayPal Launches Support for Tap to Pay on Android for Merchants Using Venmo and Zettle in the US
TechCrunch
"PayPal announced today that the company is launching a tap-to-pay feature for merchants with an Android phone through the Venmo and Zettle apps in the U.S. As a reminder, PayPal owns both Venmo and Zettle."
June 27, 2023
On the web
PayPal Expands Passkeys to Canada
News Wire
"PayPal helps customers shop and pay with peace of mind by helping to protect their privacy, money and purchases every step of the way. Starting today, the company is expanding passkeys to eligible customers on Apple devices and Google Android devices in Canada."
June 20, 2023
On the wires
KKR to Buy Nearly $44 bln of PayPal's Buy Now, Pay Later Loans in Europe
Reuters
"Investment firm KKR has agreed to purchase a substantial portion, or up to 40 billion euros ($43.71 billion), of PayPal's buy now, pay later (BNPL) loans in Europe, the payments company said on Tuesday."
June 13, 2023
On the web
PayPal Feeds the DL Beast with Huge Vault of Fraud Data
Datanami
"PayPal is no stranger to fraud. As one of the Internet’s first online payment services, PayPal has been exposed to every type of wire fraud imaginable (and some beyond imagination). Sometimes the fraudsters had the upper hand, but now, thanks to deep learning (DL) models running on high performance computing (HPC) infrastructure, PayPal is leveraging its vast repository of fraud data to keep the fraudsters on the run."
June 9, 2023
On the web
The Risks of Storing Money in Apps Like Venmo and Cash App
The New York Times
"Millions of Americans use mobile payment apps to pay friends, family and retailers, but they may not know that money held in the apps often lacks federal insurance protection."
May 12, 2023
On the web
New PayPal Features for Small Online Businesses
MarkMeets
"PayPal Holdings, Inc. has announced the addition of new features to their payments solution designed specifically for small businesses. This complete payments solution allows small businesses to accept various forms of payment, including PayPal, PayPal Pay Later and Venmo. Providing customers with more payment options can help to enhance the checkout experience, as revealed by a recent study conducted by the Ponemon Institute, where 59% of respondents stated that their customers often abandon their shopping carts when their preferred payment method is not available. By using PayPal’s complete payments solution, small businesses can now process card payments directly on their website, and they can also customise the checkout experience to match their brand’s appearance and feel, all via one integration."
PayPal Banks on White Labelled Services as Apple Eats Its Lunch
The Stack
PayPal’s CEO Dan Schulman said white labelled payments processing is a “strategic imperative” for the payments company – and it will “primarily focus on enabling unbranded processing” moving forwards.
The move will also give it richer datasets from merchants as it expands, which PayPal can in turn use to power more AI workloads and refined fraud prevention capabilities, the outgoing chief executive said.
April 11, 2023
On the web
Visa and Partners Bring Interoperability to Digital Person-to-Person Payments
Visa
"Today, Visa announced it is partnering with PayPal and Venmo to pilot Visa+, an innovative service that aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps. Later this year, Venmo and PayPal users in the US will be able to start moving money seamlessly between the two platforms."
April 4, 2023
On the web
PayPal Adds Apple Pay Support for Small Merchants Using Advanced Checkout
TechCrunch
"PayPal is adding new tools for small business owners including Apple Pay support at checkout, the option for customers to save their cards for this specific site, and access to IC++ pricing. Small and medium businesses currently have two ways to integrate PayPal in the checkout flow. In addition to the Standard Checkout integration that lets you accept PayPal payments with little effort, the company also has an Advanced Checkout integration feature for companies that want more personalizations and payment features. Companies that have opted for the latter option can now accept Apple Pay payments from their customers."
April 3, 2023
On the web
Is PayPal's Dominance Coming to an End?
Telemedia Online
"It is fair to say that PayPal changed the way we think about paying for things. From a niche startup called Confinity that emerged from the ashes of the dot-com bubble, it has become as recognisable as VISA or Mastercard, perhaps even more so to millennials. In 2020 alone, it processed $1 trillion in transactions. It is, of course, a Silicon Valley behemoth today, and it’s a financial institution in and of itself. But for many of us, it will forever be the technology that first allowed us to instantly ping money to a mate who we owed for a taxi fare or a round of drinks. But while PayPal is now synonymous with online payments, many experts believe that its era of dominance is coming to a skidding halt."
On the wires
Live Nation Entertainment and PayPal Sign Multi-Year Deal to Expand Simple and Secure Payments to Fans Buying Tickets Worldwide
PR Newswire
"PayPal Holdings, Inc. and Live Nation Entertainment, Inc. (NYSE: LYV) today announced a multi-year strategic partnership that names PayPal as the Preferred Payments Partner of Ticketmaster, providing fans a simple and flexible way to buy tickets to the live entertainment they love. As part of the partnership, fans will be able to pay with PayPal and PayPal Pay Later products across Ticketmaster's platform. Additionally, PayPal Braintree will become Ticketmaster's primary global payment processor, speeding up the checkout process and helping to drive conversion."
March 17, 2023
On the wires
Collaboration of MasterCard, Visa, and PayPal, among others, Expected to Result in a Massive 18.15% Growth for In-Vehicle Payments Market Between 2022-2031
PR Newswire
"BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled In-Vehicle Payments Market - A Global and Regional Analysis. According to this study, the recent surge in the adoption of in-vehicle payment services across developed economies and their growing global awareness is shifting automakers' focus to equip their upcoming models with the in-vehicle payment system. A prominent example of this is that well-known automakers, including Honda, General Motors, Mercedes, and others, have already begun to offer payment services in recent years."
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