“There is no silver bullet when it comes to payments,” said Andrew Toon, general manager of payments for PayPal Australia.
“We are focused on delivering a one-stop payments shop.”
“PayPal is looking at its options to move in-store, and this is the first step,” he said. “We will continue to look at capabilities.”
He says the PayPal card will hold redeemable discount points in a digital wallet.
Citi will issue the new Paypal credit card. Citi is Australia’s firth-largest credit card provider to the country’s four major banks.
Baking innovation
PayPal is not the only innovator in the credit card market. At a technology briefing last month, Commonwealth Bank chief executive Matt Comyn said its no-interest credit card ‘Neo’.
Commonwealth say Neo has been a big hit with millennials.
This comes amid a growing interest in the ‘buy now, pay later’ sector driven majorly by millennials.
Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter
The new pricing falls under the new Twitter Blue for Business service.
Within the next few months, only paying Twitter customers will have verified status.
Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.
Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.
Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.
The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.
“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.
“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.
The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.
A government source said the report would be published next week.
BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.