After Google, Microsoft, and others, PayPal has become the latest entrant in the tech layoffs scene of 2024, announcing the layoff of 2,500 employees globally News 

PayPal Takes Measures to ‘Right Size’ by Laying Off 2,500 Employees in Ongoing Tech Layoffs

As January draws to a close, we’ve seen several layoffs affecting a number of tech companies, including Google, Microsoft, and eBay. Continuing this trend, PayPal, a major player in the payments industry, has announced that it will cut 2,500 jobs, representing 9% of its global workforce. According to the company’s CEO, Alex Chriss, this decision aims to enhance focus and “right-size” the business. Affected employees should receive notifications by the end of the week. In particular, these layoffs affect both current personnel and positions that the tech giant originally planned…

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PayPal to launch PayPal USD, a crypto token pegged to the U.S. dollar, making it the second major global company to launch a stablecoin after Facebook. (REUTERS) News 

PayPal’s Stablecoin: What Makes it Different from Facebook’s Libra?

Due to PayPal’s influential position in Washington and policymakers’ improved comprehension of the matters over the past three years, it is anticipated that PayPal’s stablecoin will triumph where Facebook’s stablecoin failed. PayPal this month announced the launch of PayPal USD, a cryptocurrency pegged to the US dollar, making it the second major global company to launch a stablecoin since Facebook, now Meta Platforms, announced Libra in June 2019. The move, which comes amid PayPal’s transition to a new CEO that was announced last week, appears risky after political opposition crushed…

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Alex Chriss has served as executive vice president and general manager of Intuit’s small business and self-employed group since January 2019. (Bloomberg) News 

PayPal Appoints Intuit Executive Dan Schulman as President and CEO

Next month, Alex Chriss, an executive at Intuit, will assume the role of president and CEO at PayPal, a digital payments company. Chriss takes over as CEO from Dan Schulman, who told PayPal’s board in February that he plans to retire at the end of the year. Schulman will remain on PayPal’s board until the next annual general meeting in May 2024. In January, PayPal announced that it would cut about 7% of its total workforce, or about 2,000 full-time employees, due to challenging macroeconomic conditions. Chriss, who has been…

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You can use PayPal USD to make purchases or to pay other users. News 

PayPal Launches Stablecoin Backed by US Dollar

PayPal has introduced its own stablecoin, called PayPal USD, which is tied to the value of the US dollar. The fintech company assured that the stablecoin is fully supported by US dollar deposits, short-term US Treasuries, and comparable cash equivalents. This move comes almost three years after PayPal initially enabled cryptocurrency support for all US accounts. In January of the previous year, the company confirmed its interest in developing a stablecoin, following the discovery of code and images related to a “PayPal Coin” in its app. At that time, PayPal…

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PayPal USD (PYUSD) is issued by Paxos Trust Co. and fully backed by US dollar deposits. (REUTERS) News 

PayPal Introduces Stablecoin for Cryptocurrency Payments

PayPal Holdings Inc. is introducing a stablecoin, marking the first instance of a major financial company doing so. This move has the potential to greatly enhance the slow acceptance of digital tokens for payment purposes. PayPal USD (PYUSD) was issued by Paxos Trust Co. and is fully collateralized by U.S. dollar deposits, short-term Treasuries and cash equivalents, the San Jose, Calif.-based payments company said Monday. It is pegged to the dollar and is gradually being made available to PayPal customers in the US. With PYUSD, CEO Dan Schulman aims to…

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Amazon, Google and Microsoft are just some of those cutting jobs. News 

2023’s Major Tech Industry Job Cuts

The tech industry is facing significant challenges due to a struggling economy, the ongoing COVID-19 pandemic, and notable business mistakes. As a result, job cuts were observed in 2022, but unfortunately, the number of layoffs has increased in 2023. Keeping track of these developments can be challenging, so we have gathered all the major layoffs in one comprehensive report, which will be regularly updated as the situation progresses. June Spotify layoffs Spotify continued its January layoff plans and announced in June that it would cut 200 jobs from its podcast…

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There's no card reader necessary. News 

Venmo Enables Tap to Pay Feature on Android Devices

PayPal is introducing a new feature that allows local stores to accept payments using only a smartphone. This tap to pay feature will be available for Venmo and Zettle businesses in the US, enabling them to accept various contactless services and cards, including digital wallets, without the need for a card reader. This means customers can make payments without having to use their physical wallets. According to PayPal, the setup process for this feature is quick and can be completed within minutes. Initial setup is free. PayPal says it will…

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Amazon, Google and Microsoft are just some of those cutting jobs. News 

2023’s Major Tech Company Layoffs

The tech sector is facing a challenging time due to the convergence of a struggling economy, the COVID-19 outbreak, and some apparent business errors. Unfortunately, the number of job losses has increased in 2023, following the cuts made in the previous year. Keeping track of these developments can be difficult, but we have collated all the significant layoffs in a single location and will keep updating this article as the situation progresses. June Spotify hairstyles Spotify continued its layoff plans in January and announced in June that it would cut…

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Storing money in digital wallets could be dangerous if the company suddenly declares bankruptcy and folds. In such a case, users will lose all their money. (Pexels) News 

Regulators Urge Caution When Using Payment Apps Such as PayPal and Venmo

Undoubtedly, digital wallets and mobile payment services like PayPal and Venmo have revolutionized daily financial transactions. While credit and debit cards were once thought to be the technology that would replace cash, digital wallets are now gaining popularity and slowly replacing bank cards. In 2022, the total transaction volume across mobile payment services exceeded $1 trillion for the first time, reaching $1.1 trillion. However, US regulators are cautioning citizens against storing large sums of money in these apps or replacing banks and credit unions with them due to the lack…

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PayPal had blocked a Christian crowdfunding site, GiveSendGo. (REUTERS) News 

PayPal blocks site that helped raise funds for those who witnessed the violence on Capitol Hill

PayPal Holdings Inc said Monday night it shut down a Christian crowdfunding site, GiveSendGo, after helping to raise funds for people who attended last week’s event in Washington when supporters of President Donald Trump took over. storming the Capitol. The digital payments processor also confirmed to Reuters that it had closed an account held by Ali Alexander, one of the organizers of the rally. The news was reported earlier by Bloomberg, who cited an unidentified source. Online platforms and social media companies are stepping back and taking action against those…

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Representative image. (REUTERS) News 

PayPal CEO Says Digital Currencies Should Become Mainstream

PayPal Holdings Inc. CEO Dan Schulman said the use of digital currencies is expected to become more widespread as more merchants take a digital first approach to payments. The whole world is going to go digital first, Schulman said at the Web Summit on Wednesday. Stores accept payments via smartphones and QR codes, even in stores, and more and more customers are starting to use digital wallets, which are natural complements to digital currencies . PayPal announced in October that its customers can buy, sell and hold cryptocurrencies, including Bitcoin,…

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Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes (REUTERS) News 

Bitcoin at $100,000 in 2021? Scandalous for some, obvious for funders

Bitcoin investors, which include top hedge funds and fund managers, are betting virtual currency could more than quintuple to $100,000 in a year. Since January, bitcoin has gained 160%, supported by strong institutional demand as well as the scarcity of payment companies such as Square and Paypal buying it on behalf of customers. Bitcoin is in sight of its all-time high of just under $20,000 reached in December 2017. It debuted in 2011 at zero and last traded at $18,415. Going from $18,000 to $100,000 in one year is no…

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