PayPal has helped to secure the ability for Venmo payments to be accepted at over 2 million retailers; users will be able to make purchases in store and online using the Venmo app; the move will help PayPal to get merchants interested in other products and allows them to begin monetizing Venmo; the strategy is another piece of good news for PayPal as just this week they surpasses Amex in market cap. Source.
One security expert was surprised to learn multifactor authentication (MFA) is not mandatory for PayPal users after the company confirmed a data breach occurred in December.
PayPal is a company whose name is much more synonymous with payments than lending. However, that might be changing as...
PayPal’s CFO John Rainey said 11 percent of the company’s 60 million customer inquires could be automated; the types of...
Companies like TransferWise, Venmo and PayPal have forced banks in Europe to look at creating their own affordable real-time payments service; the idea is in the early stages but it shows the effect that fintech players can have on the traditional banks; the service would also look to head off the increased competitive threat from open banking which is set to begin in early 2018. Source.
When eBay spun off PayPal five years ago the companies entered into an agreement that would have PayPal process payments...
Payments fintech Marqeta’s valuation could reach as high as $8bn when the company goes public in early 2021; the company...
American Express is looking to use the same style data that has made PayPal and Square so successful in small business lending; Gina Taylor Cotter, senior vice president and general manager of global commercial financing at American Express. tells American Banker,“We have done some research on this and we are trusted providers, so this puts us neatly between banks that may have a longer application process and the online lenders who are fast, but maybe a bit more expensive." Source.
PayPal has launched a new service, Money Pools, to allow users to create fundraising pages where their network can contribute; the pages are similar to other crowdfunding sites but with a greater emphasis on social media; the thought is this can become another revenue generating product for PayPal, though they currently are not charging for the use of Money Pools. Source.
PayPal will offer loans to larger businesses that process payments with its platform and have access to new firms as a result of the acquisition; Swift Financial was founded in 2006 and extends credit with loans and advances; term loans of up to $500,000 will now be available to businesses; Darrel Esch, vice president and commercial officer of global credit at PayPal, stated, "This is an area where customers have been asking for more."; terms of the deal were not disclosed. Source