Paypal

Paytm hits 52-week high after Singapore arm to sell stake in Japan's PayPay

Paytm currently has a cash balance of over Rs 10,000 crore. The Rs 2,364 crore sale would expand it by over 20 per cent

PayPal expects Q4 revenue below estimates as profit push puts growth behind

Efficiency has been a focal point for PayPal as CEO Alex Chriss, who took the helm last year, pushes for cost discipline through job cuts and higher investments in automation and AI

TN inks Rs 900 cr deals with Microchip, Nokia, PayPal on Stalin's US visit

Tamil Nadu Chief Minister M K Stalin signed agreements with multiple global companies during their visit to the US, part of the state's vision to become a $1 trillion economy by 2030

PayPal registers with FIU of India under anti-money laundering law

American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities. Official sources told PTI that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU). PayPal has also appointed a principal officer, as stipulated under the anti-money laundering law, for conducting official communication with the FIU while the appointment of a director, as envisaged under the same law, is in process, they said. "PayPal has registered as a reporting entity with the Financial Intelligence Unit-India, in compliance with the Reserve Bank of India's recent regulatory framework governing cross-border payment aggregators (PA-CB), which is applicable to the PA-CB industry," a PayPal ...

PayPal to cut around 2,500 jobs as company grapples with competition

PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers

PayPal to lay off around 2500 employees to 'right-size' the company

PayPal's CEO announced the laying off of around 2500 employees this year, which is 9 per cent of its global workforce, to 'right-size' the company

PayPal moves HC against order holding it as payment system operator

American online payment gateway PayPal on Wednesday moved the Delhi High Court against an order which ruled that it was a "payment system operator" under the Prevention of Money Laundering Act (PMLA) and has to thus comply with "reporting obligations" under it. Senior counsel appearing for PayPal argued before a bench headed by Chief Justice Satish Chandra Sharma that the order passed by a single judge of the high court was wrong. Senior advocate Mukul Rohatgi, appearing for the appellant, also said that the single judge's order cannot be sustained in view of a recent decision of the high court on the issue of payment system operator. The bench, also comprising Justice Sanjeev Narula, listed the appeal for further hearing in September. On July 24, the single judge had set aside a penalty of Rs 96 lakh imposed on PayPal by Financial Intelligence Unit (FIU) -- India for alleged non-compliance with the "reporting obligations" under the law against money laundering. It had also ruled

Intuit executive Alex Chriss to become president and CEO of PayPal

Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month. Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024. In January PayPal announced that it would cut about 7 per cent of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions. Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit's small business and self-employed group since January 2019. He led Intuit's USD 12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma. Chriss will also join PayPal's board, effective September 27. PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. It

PayPal rolls out dollar stablecoin to boost digital tokens for payments

With PYUSD, Chief Executive Officer Dan Schulman is seeking to cement PayPal's dominance in digital payments by leaning on technology

PayPal ruling may help India in FATF review of anti-black money regime

A recent Delhi High Court ruling that declared American online payment gateway PayPal a 'reporting entity' under the anti-money laundering law will boost India's efforts to show that its financial systems, currently under a FATF review, are becoming "robust", financial investigators have said. The court of Justice Yashwant Verma on July 24 ruled that PayPal was liable to be viewed as a payment system operator under the Prevention of Money Laundering Act (PMLA) even as it quashed a Rs 96 lakh penalty imposed on the firm imposed by the Financial Intelligence Unit (FIU) in December 2020. The Financial Action Task Force (FATF), a Paris headquartered global body, leads action against money laundering and terrorist financing crimes. A review of the Indian anti-money laundering systems is currently underway and a visit of the FATF team is expected to commence in November. Top officials in financial law enforcement agencies told PTI that the categorisation of PayPal as a reporting entity ..

Delhi High Court's Paypal order to impact fintech compliance costs

US-based PayPal and other payment operators in India will face increased regulatory costs due to the recent Delhi High Court ruling on compliance with the Prevention of Money Laundering Act

KKR to buy up to $44 bln of PayPal's 'buy now-pay later' loans in Europe

Private equity firm KKR has agreed to purchase a substantial portion, or up to 40 billion euros ($43.71 billion), of payments company PayPal's buy now, pay later (BNPL) loans in Europe

PayPal forecasts strong full-year profit, says CEO to retire at year-end

The company's upbeat forecast also comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown

Paypal to cut 2,000 jobs in push to trim costs amid economic slowdown

While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do: Dan Schulman

Genesys appoints Paypal's Deepa Madhavan as Country Head for India

Cloud customer experience and contact centre solutions provider Genesys on Tuesday announced the appointment of Deepa Madhavan as the India-Country Head. Deepa Madhavan, in her new role would continue the development of Genesys cloud technologies and engagement of teams across all functions in Genesys India, a company statement said. She would manage, support and grow the company's research and development centre in Chennai, the second largest such facility for Genesys globally. The Chennai centre hosts employees working in product management, professional services, customer care, engineering, finance and sales and other support functions. "Deepa joins us at a time when we are pushing forward with our focus on cloud innovation, maximising customer value and driving business growth. Deepa is a people-centric leader with the ability to successfully grow and build high performing teams from the ground up," Genesys managing director and vice-president ASEAN and South Asia, Stephen Hami

Musk slams PayPal's policy to fine users over spreading misinformation

Digital payments company PayPal, co-founded by Elon Musk, has taken a U-turn on a controversial policy that sought to fine its users $2,500 for spreading "misinformation" on its platform

India team working on core aspects of crypto products: PayPal's Aoki

Company committed to rules and can 'ease the minds of regulators', says executive about Indian concerns on digital assets

Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn

Pine Labs, backed by investors such as Sequoia Capital, PayPal, and Mastercard, competes with fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay

A coming crypto storm for central banks? Focus on digital money intensifies

Fed is debating whether to develop a digital currency, as are most central banks around the world. A decision has not been made, and officials say it would take congressional approval to move forward

The PayPal mafia

The gist of the PayPal history is known to those who follow Silicon Valley history