Nov 5, 2019

Exclusive: PayPal's move on physical stores

While it has struggled in the past to convert its success online into a presence in physical retail stores, PayPal is planning another go at it. During an "Axios on HBO" interview, CEO Dan Schulman said that the company will make new efforts starting next year under both the PayPal and Venmo brands.

Why it matters: The offline and online payments worlds are increasingly converging. Apple, for example, has introduced the Apple Card to go along with Apple Pay.

Details: PayPal thinks it can succeed now even though it has struggled in the past.

  • Schulman said that Paypal didn't have much to offer as a simple alternative to a credit card, but it can offer more in a world where people want to use reward points, split payments or even bypass the checkout line entirely.
  • "Before it was kind of a a a solution in search of a problem," Schulman said. "What I'm beginning to see right now is so that you can do different things now by tapping a phone. ... And as a result, you'll see PayPal increasingly become a part of the physical world as well as the digital world."
  • Schulman was short on details, but mentioned that QR codes could play a role, especially with small and micro businesses, while PayPal can also tap into the NFC transactions already accepted for things like Apple Pay and Google Pay.

Bigger picture: PayPal's $2.2 billion iZettle acquisition should help the company's in-store efforts globally.

Go deeper: PayPal's CEO doesn't think entering China will force his company to compromise its values

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PayPal acquires Honey browser plug-in for $4 billion

Illustration: Eniola Odetunde/Axios

PayPal (Nasdaq: PYPL) agreed to buy Honey, an app and browser plug-in for e-commerce coupons, for around $4 billion in cash and stock.

Why it matters: It's PayPal's largest-ever acquisition, and the largest-ever purchase of a Los Angeles-based tech startup.

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Regulators investigate Apple Card's algorithms for gender bias

Photo: Apple

State regulators in New York are looking into whether Apple Card is violating any laws by giving some spouses lower credit limits than their mates.

Background: It all began with a series of tweets that went viral by well-known software engineer (and Ruby on Rails creator) David Heinemeier Hansson, complaining that he was given 20 times as much credit as his spouse (even though she had a higher credit rating).

Go deeperArrowNov 12, 2019

Facebook debuts payment system, taking on Venmo

Illustration: Sarah Grillo/Axios

Facebook on Tuesday announced Facebook Pay, an online payment system that will allow users across its services to send payments to one another. The new product, separate from its Libra cryptocurrency effort, puts the social network giant in competition with Venmo and others.

Why it matters: Once again, Facebook will be asking users to hand over more sensitive information when it is under fire for how it manages the information and access it already has.

Go deeperArrowNov 12, 2019