Alphabet Inc’s Google hired former PayPal Holdings Inc executive Arnold Goldberg to run its payments division, Bloomberg reports. The hiring is a part of Google’s broader strategy to team up with a broader range of financial services, including cryptocurrencies, the report quoted Bill Ready, Google’s President of commerce. Ready, PayPal’s former COO, joined Google in 2019 and recruited…
Google Ropes in Former PayPal Executive for Payments Division: Report
PayPal Plans Launch of Its US Dollar Backed Cryptocurrency
PayPal confirmed on Jan. 7 that it is preparing to launch its own stablecoin cryptocurrency backed by the U.S. dollar, after signs of the move were found on its iPhone app. Developer Steve Moser of The Tape Drive discovered evidence in the PayPal app of an experimental cryptocurrency called “PayPal Coin,” which he shared with Bloomberg….
Venmo, PayPal Must Report Goods and Services Payments of $600 or Above to IRS
Third-party payment apps must report goods and services payments of $600 or above to Internal Revenue Service (IRS) starting from Jan. 1. The new rule will affect all main payment apps including PayPal, Venmo, Cash App, Zelle, Google Pay, etc. The amended reporting threshold is part of the American Rescue Plan (pdf) which was passed…
BMO Capital Upgrades PayPal to Outperform; Cuts Price Target By 19.4 Percent
BMO Capital analyst James Fotheringham upgraded PayPal Holdings Inc. to Outperform from Market Perform with a price target of $224, down from $278. The price target implies an 18.8 percent upside. Fotheringham cites valuation for the upgrade following 2021’s “de-rating,” where the stock went down from 51x to 28x on a rolling two-year-forward price-to-earnings basis. Tax-loss selling…
Goldman Bets Big on Paymentus’ Relation With PayPal, JPMorgan
Goldman Sachs analyst Will Nance initiated coverage on Paymentus Holdings Inc. with a Buy rating and $41 price target, representing 44 percent upside. The analyst believes the market is overly pessimistic on its ability to see accelerating revenue momentum given its recent messaging around revenue visibility. Further, Paymentus’s partnerships with PayPal Holdings Inc. and JPMorgan…
PayPal Claims BNPL Volumes Surge 400 Percent on Black Friday
PayPal Holdings Inc. volumes on the “buy now, pay later” (BNPL) platform skyrocketed five times higher this Black Friday compared with a year earlier as the payments giant started to gain traction, Reuters reports. Black Friday is the unofficial shopping holiday in late November on the day after the Thanksgiving holiday. PayPal launched its “Buy…
NTD Business Full Broadcast (Nov. 10)
The so-called transitory inflation is heating up. The CPI is at a 30-year high. What does it mean for small businesses? U.S. stock indexes see their first major down day in a month. Is inflation spooking markets or is something else at play? If your business is processing more than $600 of sales through Paypal…
PayPal Profit Beats Estimates, US Venmo Users Can Pay on Amazon From Next Year
PayPal Holdings Inc. beat Wall Street estimates for quarterly profit and said U.S. users of its peer-to-peer payment service Venmo would be able to pay on Amamzon.com starting next year. The company emerged as one of the big winners of the COVID-19 pandemic as more businesses moved online and consumers preferred using phones and other…
Apple Co-Founder Steve Wozniak Says Tracing Crypto Is Hard but Possible
Apple Inc co-founder Steve Wozniak believes that crypto will be used effectively in the future, but said its hard-to-trace nature could be challenging to its wider adoption. What Happened In a recent interview with Yahoo Finance, Wozniak said crypto has “an awful lot of promise” enabled by blockchain technology. “Yes, I am in that camp…
Tesla, PayPal Lift S&P 500 and Nasdaq Ahead of Big Tech Earnings
October 25, 2021
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U.S. stock indexes edged higher in choppy trade on Monday, led by gains in Tesla and PayPal shares, while investors geared up for earnings reports from heavyweight technology companies this week that could provide direction to the markets. Tesla Inc. rose 4.5 percent to a record high after car rental firm Hertz placed an order…
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