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PayPal Partners With Google in New Digital Wallet

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7 years ago

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Paypal
  • PayPal Partners With Google in New Digital Wallet

PayPal Holdings Inc. and Alphabet Inc.’s Google deepened their relationship with a new agreement that enables payments through the tap of a phone from PayPal accounts at thousands of new retail locations.

The partnership lets PayPal users link their accounts to Android Pay, Google’s digital wallet, on smartphones running most versions of the Android operating system. This makes PayPal a funding option when people use Android Pay in locations including Walgreens Boots Alliance drug stores and Dunkin’ Donuts restaurants. PayPal was added as a payment method for Google’s Play app and digital content store almost three years ago.

PayPal CEO Dan Schulman has been busy cutting deals with banks, credit card issuers and wireless carriers to convert PayPal from a payments button on websites into a versatile financial tool used to make payments in stores, transfer money overseas and shop from smartphones on the go. The Android Pay deal increases PayPal’s reach in stores, which Schulman sees as key to getting customers to use PayPal more frequently than the current average of two to three transactions per month.

“This is the next logical step in our desire to partner with everyone in the ecosystem,” said Aunkur Arya, senior vice president at PayPal unit Braintree, which enabled the Android Pay tie-up. “These partnerships don’t happen unless there’s value for both sides.”

One big challenge remains: PayPal accounts can’t link to Apple Inc.’s digital wallet, Apple Pay.

The stronger relationship between Google and PayPal could rekindle speculation about an acquisition. PayPal split from parent company EBay Inc. two years ago, prompting hope it could be a target of tech companies or financial institutions looking to enter the digital payments industry. PayPal processed $354 billion in payments through 197 million active customers in 2016.

“The more closely they work together, the more potential there is for a future combination,” said Gil Luria, director of research at D.A. Davidson & Co. PayPal declined to comment on takeover talk, while a Google spokeswoman wasn’t available to comment.

Shoppers accustomed to swiping credit cards have been slow to embrace digital wallets, which use technology called near-field communication to enable transactions between smartphones and retail payment terminals. The PayPal deal may boost Google’s mobile payments efforts, which have progressed in fits and starts. The search giant’s Google Wallet failed to gain traction, and its Android Pay faces competition from Apple. Two years ago, Samsung Electronics Co., the largest Android phone maker, introduced its own payment system, Samsung Pay, for its devices.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy

Published

3 days ago

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November 27, 2023

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Grey Finance

Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.

This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.

The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.

The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.

Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”

Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.

The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.

Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”

Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.

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Startups

OpenAI Reshapes Leadership Amid Employee Threats: Sam Altman to Return as CEO

Published

1 week ago

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November 22, 2023

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Sam Altman

OpenAI has announced the reinstatement of Sam Altman as its Chief Executive Officer and the appointment of a revamped board following the controversial decision to oust Altman, which had triggered the threat of mass resignations among the workforce.

The company, known for its advancements in artificial intelligence, revealed that the new board would be chaired by Bret Taylor and feature esteemed members such as Larry Summers and Adam D’Angelo.

The details of this restructuring are currently in the works, as stated in a message posted on X, the platform formerly known as Twitter.

Altman, who was dismissed on Friday due to disagreements with the board regarding the pace of artificial intelligence development and monetization strategies, had been engaged in negotiations to return to his role.

However, talks hit a roadblock on Sunday, partly due to Altman’s insistence, alongside others, for the resignation of existing board members.

This development led to the board appointing Emmett Shear, former CEO of Twitch, as the new leader, and Altman subsequently secured a position at Microsoft Corp. to lead a new in-house AI team.

The reinstatement of Altman, coupled with the appointment of a high-profile board, reflects the complexity and internal strife within OpenAI.

The company, renowned for its cutting-edge work in AI research, appears to be recalibrating its leadership to align with its vision and navigate the evolving landscape of artificial intelligence.

Altman, expressing his commitment to OpenAI’s mission, stated, “I am excited to be back at OpenAI and am energized by the possibilities that lie ahead for us. Together with the talented team and the new board, we are poised to continue our groundbreaking work in AI and its ethical applications.”

As OpenAI endeavors to move forward, the reshuffling of leadership underscores the challenges and dynamic nature of the AI industry, where visionary guidance is crucial for addressing both technological advancements and ethical considerations.

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Technology

Nigeria’s Communications Minister Explores Job Creation Potential with SpaceX’s Starlink

Published

1 week ago

on

November 21, 2023

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starlink satellite

The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has highlighted the job creation potential in Nigeria through initiatives such as a certified installer/maintenance program for SpaceX’s Starlink and collaboration with local hardware startups to manufacture repeater boxes.

During a meeting with SpaceX’s Senior Director of Global Licensing and Activation, Ryan Goodnight, at the International Telecommunication Union-World Radio Communication Conference in Dubai, the minister emphasized the growing demand for Starlink services in Nigeria.

In a tweet, Minister Tijani stated, “As demand for @Starlink continues to grow in Nigeria, we spoke about the issue of connecting unserved and underserved Nigerians.”

He also proposed the possibility of creating thousands of new jobs through initiatives like a certified installer/maintenance program for Starlink and encouraging collaboration with local hardware startups to produce repeater boxes.

Nigeria has become Starlink’s largest market in Africa, with the service officially launching in the country in January 2023.

According to data from the Nigerian Communications Commission, Starlink has gained 6,756 wireless Internet subscribers since its introduction.

The minister’s focus on job creation aligns with the broader goal of fostering technological innovation and growth within Nigeria.

By encouraging collaborations and initiatives in the tech sector, the government aims to deepen the country’s technological ecosystem.

Minister Tijani’s proactive approach to leveraging partnerships with global technology companies like SpaceX underscores Nigeria’s commitment to harnessing digital solutions for widespread connectivity and economic development.

As the demand for reliable Internet services continues to rise, initiatives like Starlink could play a crucial role in bridging the digital divide and creating employment opportunities in the country.

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