Tag: PayPal

Meta, Apple At Risk of Increased Regulation of Digital Wallets
8Nov By adminNo Comments
Technology

Meta, Apple At Risk of Increased Regulation of Digital Wallets

[ad_1] Meta Platforms Inc., Apple Inc., Alphabet Inc. and other companies that offer digital wallets and payment apps would fall under US Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.Companies handling more than 5 million transactions per year would be regulated like banks, credit unions, and other financial institutions already under the CFPB's supervision, the agency said in a statement Tuesday. CFPB examiners would be able to monitor payment apps for compliance with federal money-transfer laws, as well as for unfair, deceptive, or abusive conduct, should the rule be finalized. The agency can already step in if nonbanks act unlawfully, but it can't regularly supervise their operations under c...
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How PayPal is using AI to combat fraud, and make it easier to pay
29Aug By adminNo Comments
Technology

How PayPal is using AI to combat fraud, and make it easier to pay

[ad_1] Artificial intelligence has been the buzzword of 2023 ever since ChatGPT made its public debut earlier this year, with businesses, schools, universities and even non-profits looking for ways to integrate AI in their operations.John Kim, chief product officer for PayPal, spoke with The Associated Press about how the company is using the early proliferation of artificial intelligence technologies in its business, as well as PayPal's future in payments when there's so much competition. The interview has been edited for length and clarity. Q: How have security issues changed since you've been in this role or similar roles? How much more complicated or sophisticated are threats or opportunities to protect customer data? A: One way you you can put it is that the fraud is a pretty big b...
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Why PayPal’s stablecoin is likely to succeed where Facebook’s Libra failed
21Aug By adminNo Comments
Technology

Why PayPal’s stablecoin is likely to succeed where Facebook’s Libra failed

[ad_1] PayPal's stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years.PayPal this month said it was launching PayPal USD, a crypto token pegged to the U.S. dollar, making it the second major global company to launch a stablecoin after Facebook, now Meta Platforms, unveiled Libra in June 2019. The move, which comes as PayPal transitions to a new CEO announced last week, seems risky after Facebook's stablecoin was crushed by political opposition, and as regulators home in on the crypto sector following several meltdowns. But PayPal is in a stronger position than Facebook, said former officials, executives and analysts. Policymakers are more familiar with st...
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Amazon, Apple earnings to provide look at consumer habits
30Jul By adminNo Comments
Technology

Amazon, Apple earnings to provide look at consumer habits

[ad_1] Consumer habits will come to the fore again in next week's earnings deluge, when Amazon.com Inc., Shopify Inc. and PayPal Holdings Inc. are expected to talk about online spending trends and Apple Inc. may comment on the outlook for iPhone sales.It follows a packed week that showed the US economy and consumer spending growing at a faster clip than expected, while corporate earnings delivered a few surprises of their own. Intel Corp. surged post-market after the chipmaker signaled its long-awaited comeback may be just around the corner; McDonald's Corp. and Mastercard Inc. also topped estimates. Thus far, US companies have registered the most earnings beats in almost two years, according to data tracked by Bloomberg Intelligence, and companies selling non-essential products and ser...
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PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News
13Feb By adminNo Comments
Technology

PayPal pauses stablecoin work amid regulatory scrutiny of crypto – Bloomberg News

[ad_1] PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement. The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what...
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$48000 sexual extortion case on Facebook: Indian held on US complaint; eyed iPhone charger
2Dec By adminNo Comments
Technology

$48000 sexual extortion case on Facebook: Indian held on US complaint; eyed iPhone charger

[ad_1] The Central Bureau of Investigation (CBI) on Friday arrested a person in an ongoing investigation of an sexual extortion case. The Central Bureau of Investigation (CBI) on Friday arrested a person in an ongoing investigation of an extortion case involving sexually explicit images.The arrested accused have been identified as Rahul Kumar, a resident of Asola in the Fatehpur area of New Delhi. A case was registered by the International Operation Division of CBI against a private person resident of New Delhi and others on certain allegations including the extortion of a Professor at a prominent university in the US on the inputs received from the US. The victim was allegedly lured through a Facebook profile to extract sexually explicit images during video chatting with a view to bl...
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PayPal, Apple Reach Truce and Will Accept Each Other’s Products
4Nov By adminNo Comments
Technology

PayPal, Apple Reach Truce and Will Accept Each Other’s Products

[ad_1] Starting next year, PayPal and Venmo debit cards will be accepted inside the Apple Wallet. PayPal Holdings Inc. announced it has reached a truce with Apple Inc. and the two technology giants will begin accepting each other's products in their separate payment ecosystems. Starting next year, PayPal and Venmo debit cards will be accepted inside the Apple Wallet, meaning consumers will be able to use them anywhere Apple Pay is accepted, PayPal said Thursday in a statement. PayPal will also add Apple Pay as an option in the company's checkout offerings. Previously, PayPal and Venmo's cards weren't available in Apple's mobile wallet. PayPal and Apple offer the most widely used mobile wallets in the US and have seen usage of their products explode since the start of the pandemic...
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Smartphone Apps Bury the Case for a Pan-Asian Currency
17Oct By adminNo Comments
Technology

Smartphone Apps Bury the Case for a Pan-Asian Currency

[ad_1] A new world wide web of payments may be the best way to move money quickly and cheaply across borders. Unrealistic as it was technically, the idea of a pan-Asian currency always had some political support: Since 2005, the Japanese have published the exchange value of something called the Asian Monetary Unit, a precursor to what would one day become the region's equivalent of the euro. The debt crisis in southern Europe — and the threat it posed to the single currency in the early part of the last decade — ended that pipe dream. Now there's a more modest goal: Keep money national, but allow it to jump borders effortlessly. This vision could start becoming a reality in three years and have a far-reaching impact on a continent expected to account for half of the world's consump...
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