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Is Paypal bringing back old-school credit cards?

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Paypal will be launching an old-school credit card with a modern twist

Paypal’s new credit card will offer both short-term interest-free repayment plans and longer-term, interest-bearing credit products.

Retail payments data released by the Reserve Bank on Monday showed a 29 per cent annual fall in the value of goods being bought on credit cards.

The company says many of their users still want a physical credit card, especially if it has no annual fee and accumulates reward points.

John Winters, the co-founder of Superhero told tickerNEWS that PayPal out of touch with the millennial customers.

“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.

Business

Russia defaults on foreign debt for the first time in a century

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Russia has failed to pay out its overseas debt for the first time in over 100 years

The country missed its Sunday deadline due to challenges in transferring the payments to international creditors.

Moscow has the funds to make the 100 million dollar payment but sanctions have complicated the process.

The country is unhappy with the situation with the finance minister calling the situation “a farce”.

The last time that Russia defaulted on its foreign debt was in 1918 when leader Vladimir Lenin did not pay out debts on behalf of the Russian Empire.

Russia has been hit with sanctions by a number of countries in response to its invasion of Ukraine.

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Business

Instagram introduces new process to crack down on underage users

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The majority of social media platforms have an age limit of 13 years old, but how is this really being regulated?

Instagram is exploring new ways for teenagers to verify their age and comply with platform rules.

The gram is turning to video selfies to crack down on minors editing their date of birth to make them appear over 18.

The Meta-owned app is testing video selfies with facial analysis software as a new age-verification method.

For a U.S. teen who wants to join insta, they will need to upload ID, ask three adult users to vouch for them or take a video selfie.

Meta says it hopes the new methods will ensure teens have an “age-appropriate experience” on the content sharing app.

Video selfies have become a popular way for digital platforms – such as online banking apps – to verify users’ age or identity.

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Business

U.S. firms to pay staff travel expenses for abortions

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Major companies have reassured staff that if they require an abortion, they will cover their travel expenses

Disney, JP Morgan, Amazon and Meta are among the companies to announce similar moves for women.

This comes as millions of US women face restricted access after a landmark ruling by the US Supreme Court overturned the constitutional right to abortion.

A growing number of companies have confirmed they will cover travel costs through their health insurance plans for employees who leave their home state to get an abortion.

Disney employs around 80,000 people at its resort in Florida, where the governor has already signed into law a ban on abortions after 15 weeks of pregnancy, which is scheduled to take effect on 1 July.

Banking giant JP Morgan and another leading US investment bank, Goldman Sachs, also said it would cover travel expenses for employees.

Social media company Meta said it intended to reimburse travel expenses where permitted by law.

Other companies which have indicated they will take similar steps include Vogue publisher, jeans brand Levi and ride hailing companies Lyft and Uber.

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