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Category: PayPal

PayPal to introduce new in-store payment system

PayPal is planning to launch a new in-store payment system next year. This, Business Insider reports, could include a digital wallet for physical stores and NFC and QR code technology to facilitate payments. The plan was revealed by PayPal CEO Dan Schulman in a recent interview with Axios.

Schulman observed that in-store payment is becoming more attractive given the benefits it can offer customers—for example, using reward points to make purchases, or using a combination of reward points, a debit or credit card, or other forms of payment. According to Business Insider:

“These features could make in-store payments more convenient and flexible, helping PayPal become a significant player in the space, so it’s very possible PayPal’s in-store offerings will include such capabilities as well as other financial tools like POS financing.

“Notably, mobile in-store payments haven’t taken off yet in the US, as they’re projected to bring in just $76 billion in payment volume in 2019 in the country, while mobile e-commerce is set to more than double that total, but new features and values like those Schulman mentioned could help the industry take off in future years.”

In the same interview, Schulman addressed the challenges of doing business in repressive countries like China.

“We work with regulators around the world,” he said. “That is who we are. And so we need to learn, if we’re going to be a global company, to be flexible, and you need to be nimble, and you need to follow the rules of each country that you’re in.”

“We need to rise above our own self-interests and really think about the whole,” he continued. “To me the whole is, ‘Do consumers have financial health?’ I think what we should try to stay away from … are political issues.”

“Every country around the world has issues. We need to navigate those in a way that we feel is most consistent with our values, and most consistent with our mission. … I wouldn’t single out China.”

PayPal unveils Women Luminaries Program in Singapore

PayPal is rolling out a new program in Singapore. The payment company’s Women Luminaries Program, or WLP, is meant to encourage girls and women to pursue careers in the field of technology, in which they have been historically underrepresented. The goal is to make the industry more gender inclusive.

In a statement, Director of PayPal Singapore’s Development Center, Jerry Tso, said:

“In building the fintech ecosystem, it is important that we promote women in engineering by nurturing female tech talent and provide them with opportunities that would help them stay in the industry and become leaders. With our expertise and network, PayPal is in the position to offer these opportunities and build Singapore’s next generation of fintech talent that will see women on par with men in the industry in every aspect.”

Fintech Singapore reports that women are a minority in the majority of tech companies, particularly when it comes to upper management and other advanced positions. The problem is reflected in the Singaporean jobs market: in STEM (science, technology, engineering and math) companies, only 25 percent of employees are female. Likewise, about 30 percent of entrepreneurs in Singapore are women.

“In light of the diversity gap, the first installment of the WLP is designed to identify female students from several local universities who demonstrate a keen interest and aptitude to build a career in tech,” according to Fintech Singapore.

“The program is open to Singaporeans and Permanent Residents (PR) residing in the country, for students in their second or third year of their respective bachelor programs with participating universities.”

Eligible applicants must be enrolled in tech-related courses and exhibit a certain degree of talent. Those selected will be awarded a one-time scholarship and have access to a range of PayPal resources, including mentoring and career guidance, technical workshops, and exclusive events and training courses.

Apple CEO: Apple Pay now outgrowing PayPal

According to Apple CEO Tim Cook, Apple Pay is now growing at a faster rate than PayPal, the web’s most popular payment service. Apple Pay is the company’s mobile payment service that allows users to make purchases using their iPhones.

During a call with investors, Cook asserted that Apple Pay is currently servicing close to one billion transactions every month—an increase of more than 100% from a year ago. Business Insider reports: “In the past three months, [Apple Pay] has launched in 17 new countries, which means its reach now extends to 47 markets in total, including the entire European Union.”

Cook stated that, over the last quarter, Apple Pay bested PayPal in two critical areas: volume of transactions per month and the number of new users that have signed on to the service.

“Cook was likely referencing numbers reported earlier this month in PayPal’s second-quarter earnings,” Business Insider reports. “PayPal said that it added nine million new members during the second quarter. It also said that engagement per active account increased by 9% to 39 times a year.”

While Cook’s spokespeople did not respond to a request for comment, Business Insider estimates that a minimum of nine million new users were picked up by Apple Pay during the last quarter.

In January Apple announced that, with the addition of Target, Taco Bell, Hy-Vee supermarkets in the Midwest, Speedway convenience stores and Jack in the Box, “74 of the top 100 merchants in the US and 65 percent of all retail locations across the country will support Apple Pay.”

Commenting on the expansion, Apple’s vice president of Internet Services, Jennifer Baily, stated:

“Whether customers are buying everyday household items, groceries, snacks for a road trip or grabbing a quick meal, Apple Pay is the easiest way to pay in stores, while also being secure and faster than using a credit or debit card at the register. We’re thrilled even more customers will be able to pay at their favorite stores and restaurants using the Apple devices that are always with them.”