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December 9, 2020
On the wires
PayPal Processed More than $185 Million in Donations this GivingTuesday in A Year Unlike Any Other
“PayPal Holdings, Inc. (NASDAQ: PYPL ) today announced that it processed a record-breaking $185 million globally this GivingTuesday, the largest amount raised on the platform for the global day of giving since its inception in 2012. With a 40 percent increase in donations processed over 2019, more than 1.75 million PayPal customers across 198 markets donated to causes they care about, amounting to over two million donations in total.”
December 2, 2020
On the web
PayPal CEO Says Digital Currencies Are Set to Go Mainstream
Bloomberg (paywall)
“PayPal Holdings Inc. Chief Executive Officer Dan Schulman said the use of digital currencies is set to go mainstream as more merchants take a “digital first” approach to payments. “The entire world is going to come into digital first,” Schulman said at the Web Summit conference on Wednesday. Shops are moving to accept payments via smartphones and QR codes, even in-store, and more customers are starting to use digital wallets, which “are natural complements to digital currencies.””
November 19, 2020
On the wires
PayPal Launches Enhanced Giving Platform to Put the Power of Fundraising in Customer’s Hands this Holiday
“PayPal Holdings, Inc. (NASDAQ: PYPL ) today announced enhancements to its Giving platform, to provide customers with a new way to directly connect with millions of people who can help them raise money on behalf of a cause close to their heart, and allow those who can help to give what they can this holiday season. Inspired by the rising popularity of peer-to-peer crowdfunding accelerated by the global pandemic, PayPal will now enable its customers in the U.S. to create customized fundraising campaigns for themselves, their community or their cause through the Generosity Network , to raise up to $20,000 over a 30-day period.”
November 18, 2020
On the wires
Modulr receives investment from PayPal Ventures
“Modulr, a leading Payments as a Service API platform, has secured a £9 million investment from PayPal Ventures to develop additional products, grow its team and expand its customer base. Modulr enables digital businesses and software platforms across lending, banking, fintech, travel, employment services and accounting to easily embed and build new payment products and services within their customer journey.”
November 17, 2020
Top Post
PayPal Partners with Even to Provide New Tools to Improve the Financial Health of its Workforce
“PayPal today announced it is partnering with Even , the responsible on-demand pay platform, as part of its continued commitment to improve the financial health of its workforce. All PayPal employees in the U.S. can now use Even to get paid early, automatically budget and grow their savings, and have full visibility into their earnings through an easy-to-use mobile app.”
November 16, 2020
On the wires
CVS Pharmacy is first national retailer to offer touch-free payments through PayPal and Venmo
“CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), today announced that customers can now check out touch-free using PayPal and Venmo QR codes at 8,200 standalone retail locations. These codes allow customers to securely pay for their items without needing to touch a keypad or sign a receipt, while also being able to access multiple payment methods available in PayPal and Venmo wallets.”
November 12, 2020
On the web
PayPal says all users in US can now buy, hold and sell cryptocurrencies
TechCrunch
“PayPal announced today it’s dropping the waitlist to buy, hold and sell cryptocurrency in the U.S. With the move, all customers in the U.S. will be able to purchase cryptocurrency directly from within their PayPal accounts. U.S. customers will also be alerted to the new feature through both an email and a push notification in the coming days, the company says.”
November 5, 2020
On the web
PayPal details its digital wallet plans for 2021, including crypto, Honey integration and more
TechCrunch
“PayPal this week laid out its vision for the future of its digital wallet platform and its PayPal and Venmo apps. During its third-quarter earnings call on Monday, the company said it plans to roll out substantial changes to its mobile apps over the next year to integrate a range of new features, including enhanced direct deposit, check cashing, budgeting tools, bill pay, crypto support, subscription management, buy now/pay later functionality and all of Honey’s shopping tools.”
November 3, 2020
On the web
PayPal tops estimates amid surge in online shopping but outlook disappoints
Reuters
“Like other companies in the digital payments sector, PayPal has been profiting from a boom in online transactions this year, heavily driven by pandemic restrictions that have pushed more business into the virtual realm. The San Jose, California-based company processed a total of $247 billion (£191 billion) in payments in the third quarter, up 36% from the year-earlier period, and added 15.2 million net new active customers.”
October 23, 2020
On the web
PayPal in Talks to Buy Crypto Firms Including BitGo
Bloomberg (paywall)
“PayPal Holdings Inc. is exploring acquisitions of cryptocurrency companies including Bitcoin custodian BitGo Inc. , according to people familiar with the matter, a move that would expand its embrace of digital coins. PayPal has been holding talks with BitGo, a company that helps investors store Bitcoin securely, and could reach a deal within weeks, the people said, asking not to be identified because the matter is private. Talks could still fall apart and PayPal could opt to buy other targets, the people added.”
October 21, 2020
On the web
PayPal to allow cryptocurrency buying, selling and shopping on its network
Reuters
“PayPal Holdings Inc joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement. PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.”
October 14, 2020
On the web
PayPal takes aim at Klarna with ‘Pay in 3’ service for UK shoppers
CNBC
“PayPal says it’s launching a “buy now, pay later” service in the U.K. that lets shoppers finance their purchases over three interest-free monthly instalments. The U.S. tech giant is perhaps better known for its online payment tools, but it’s been branching out into credit in the years since it acquired lending platform Bill Me Later.”
September 23, 2020
On the wires
PayPal and Mastercard Expand Debit Card Offering to More European Businesses
“Today, PayPal (Nasdaq: PYPL ) and Mastercard (NYSE: MA ) announced that they are continuing the global expansion of the popular PayPal Business Debit Mastercard. The debit card makes it easier for small businesses to have instant access to their PayPal funds and gives them unlimited 0.5% cash back1 on all their eligible spending. The PayPal Business Debit Mastercard is now available in five new European countries – Austria, France, Ireland, Italy and Spain – in addition to its existing availability in Germany, the United Kingdom and United States.”
September 1, 2020
On the web
PayPal has a fraud problem
Engadget
“At first glance, the email looks like a textbook phishing attempt. Subject line: “Invoice from Help those affected by the California Wildfires. Body text: “‘Help those affected by the California Wildfires’ sent you an invoice for $35.00 USD.” A button in the email reads “View and Pay Invoice.” Who in their right mind would click that?”
August 24, 2020
On the web
Consumer Groups Take PayPal to Task Over Student Loan Credit Line
NYTimes
“Students at some for-profit career schools could find themselves paying hefty interest charges when using a credit line offered by PayPal, a group of consumer watchdog groups warned this week. More than 150 small career schools and technical programs, most of which aren’t accredited and are loosely regulated, offer students the option to pay tuition using PayPal Credit, a digital credit line marketed by PayPal Holdings and issued by Synchrony Bank, the groups found.”
July 30, 2020
On the web
PayPal and Venmo QR Code checkout is coming to 8,200 CVS stores in Q4
TechCrunch
“PayPal has struck a deal with CVS Pharmacy to offer the ability to check out using PayPal’s payment services, including both PayPal and Venmo, at the register. The company announced this morning CVS will become the first nationwide retailer to allow customers to pay using either their PayPal or Venmo QR code at the register, without fees. The payment will pull from funds available in the customer’s existing account balance, bank account or from their debit or credit card, just as it would online. Venmo users will additionally have the option to pay with their Venmo Rewards.”
PayPal Adds 21 Million New Active Accounts in Strong Second Quarter
ZDNet
“PayPal on Wednesday reported its strongest ever quarter driven by an uptick in new users and payments flowing through its platform. During the entire second quarter, PayPal said people were using its payments service at levels equal to the five days between Thanksgiving and Cyber Monday. The company said it added 21.3 million net new active accounts during the second quarter, bringing its total active accounts to 346 million. This is the largest quarterly increase in active accounts in the company’s history.”
July 20, 2020
On the web
PayPal Picks Paxos to Supply Crypto for New Service, Sources Say
CoinDesk
“It’s a plum assignment for New York-based Paxos , which last week launched Paxos Crypto Brokerage and announced its first customer in Revolut US , the American division of the U.K.-based fintech firm that offers bitcoin trading. A formal announcement of the PayPal relationship could come as soon as this week, one source said.”
July 15, 2020
On the web
PayPal Reveals That It Is Developing Crypto Capabilities
The Block
“Payments giant PayPal has revealed that it is developing cryptocurrency capabilities. In a letter to the European Commission in March, PayPal said it is “monitoring the evolution of the crypto-asset space” and has taken “unilateral and tangible steps to further develop its capabilities in this area,” especially since the Libra stablecoin project was announced in June 2019.”
July 1, 2020
On the wires
PayPal Launches Installments in France
“PayPal is expanding its “buy now, pay later” solutions to France, with a new installments product that will enable customers to split purchases into four equal payments over three months, nearly anywhere PayPal is offered. Online installments are incredibly popular with French consumers: 64 percent of users would have postponed or not completed their purchase without an installment option available, and 84 percent are more likely to shop again at a retailer who offers installments. The option to pay with installments will be automatically available as a funding mechanism in the PayPal wallet3 at all qualified PayPal merchants in France.”
June 29, 2020
On the wires
PayPal Rolls Out QR Code Touch-Free Payments in Canada
“As much of Canada enters and progresses through Stage 2 of reopening, PayPal today launched QR code payments in Canada for small businesses to accept touch-free mobile payments from their customers using the PayPal app. From local stores to hair salons and farmers markets, this new functionality in the PayPal app allows customers to buy or sell in-person, safely and securely without needing to purchase any new equipment. To continue helping small businesses, PayPal is waiving the standard seller transaction fees incurred on sales conducted using a QR Code1 through September 30, 2020.”
June 25, 2020
On the wires
New Research From PayPal Reveals How Americans Are Spending Credit Card Rewards In A COVID-19 World
“PayPal today released new research looking at purchasing behaviors of credit card rewards holders during the COVID-19 pandemic, revealing people around the country are turning to rewards balances to help them stretch their budgets (29%) and purchase the things they need most, such as groceries. However, with 39% of credit card rewards holders unaware of their rewards balances, there’s an opportunity for more people to uncover funds which could extend their budgets and help them buy the things they need most.”
June 17, 2020
On the wires
RentMoola Joins Forces With Fintech Giant PayPal To Disrupt The Rental Industry
“Furthering its mission to empower individuals to take control over their finances, RentMoola Payment Solutions Inc. (RentMoola) is pleased to announce its new strategic alliance with PayPal Holdings Inc. The collaboration is born out of the mutual goal of addressing financial inequality made more pronounced by the current COVID-19 crisis. There has always been a need for more flexible consumer solutions to cover monthly payments like rent, utilities, insurance, mortgages, and other bills.”
June 15, 2020
On the web
JotForm Partners PayPal to Expand Payment Options
Electronic Payments International
“JotForm, an online form building software, has entered into a partnership with PayPal Commerce Platform to expand payment options. The partnership will integrate the JotForm platform with PayPal to expedite payments for users purchasing through a payment form. The move is expected to benefit several businesses such as online portals, NGOs, schools and municipalities. JotForm users will be able to accept credit card payments, or payments made through PayPal accounts.”
June 3, 2020
On the web
Tink, the European open banking platform, announces PayPal as a strategic investor
TechCrunch
“Tink , the European open banking platform that recently raised €56 million in new funding , is disclosing that PayPal has become a strategic investor. The online payments giant joins a long list of existing backers that includes U.S.-based Insight Venture Partners, Sunstone Capital (which recently re-branded as Heartcore Capital ), SEB, Nordea Ventures and ABN AMRO Digital Impact Fund.”
May 28, 2020
On the wires
PruPay Launches Touchless Payments for True Touch-Free Buying With Tipping, Optional Fees and a Feature to Pay It Forward
“PruPay, a Denver-based payments technology company, is working with PayPal to develop and launch a simpler way for merchants to request one-time payments from consumers via text messaging. While paying via text is already widely available from several providers, PruPay’s technology lab was able to add a few simple tools that help both merchants and consumers with their real-world problems. Currently, PruPay is waiving its normal fees to help small/medium businesses during the global pandemic.”
May 19, 2020
On the web
PayPal sees a rise in ‘silver tech’ as older generations test digital payments
“PayPal is attracting a new demographic during stay-at-home shutdowns: what it calls “silver tech.” The company has seen an older audience flock to digital payments as cash is seen as a germ risk and people across the U.S. stay at home to avoid spreading Covid-19. People over 50 were the company’s fastest growing segment from March to April, according to PayPal.”
On the wires
PayPal Rolls Out QR Code Payments for a Touch Free Way to Buy and Sell In-Person
PayPal Holdings, Inc. (NASDAQ: PYPL) has today rolled out the ability to use QR Codes to buy and sell goods in 28 markets around the globe. From farmers markets to selling secondhand goods – the rollout of the QR code functionality in the PayPal app allows customers to buy or sell in-person, safely and securely, and touch free.
May 6, 2020
On the web
PayPal Says May 1 Was Largest Transaction Day in Its History, but First-quarter Results Fall Short
MarketWatch
“PayPal Holdings Inc. fell short of first-quarter expectations Wednesday as the company felt the impact of the COVID-19 pandemic in March, but the digital payments pioneer said that trends were improving in April and beyond, as May 1 marked the company’s highest volume transaction day in its history.”
April 22, 2020
On the web
iZettle and Stuart Team up to Help UK Small Businesses Continue Trading
Retail Times
“Today, iZettle, a PayPal service, has partnered with Stuart, a subsidiary of GeoPost, to offer small business owners a remote payment and delivery service during the Covid-19 lockdown across the UK. The partnership is aimed at connecting merchants who do not have a webshop or presence on a third-party marketplace, with solutions that allow them to continue trading and selling everyday essential items during the pandemic. Small businesses such as butchers, bakeries, and fishmongers in 20+ UK cities can accept orders from their customers over the phone, online and through their social channels. Merchants then log onto Stuart and arrange for an independent courier to deliver the essential items to their customers within hours. iZettle completes the sale by allowing its merchants to invoice their customers for the order remotely using its alternative online payment method, Payment Links. Using Payment Links, merchants can generate a one-time link via the iZettle Go app and send to their customers by text message, WhatsApp, social media or email, allowing them to pay by card.”
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