Tech
It’s payday as PayPal joins forces with Japanese BNPL platform Paidy
Digital wallet platform PayPal splashes their cash as they jump on the digital credit bandwagon in a bid to engage with more consumers.
PayPal returns to the top spot in the buy-now-pay-later (BNPL) competition, after purchasing Japanese loan platform Paidy.
The $2.7 billion partnership follows in the steps of rival Square after they scored their multibillion dollar deal with Afterpay earlier this year.
It comes at a time where the BNPL business model has been largely successful with consumers turning to virtual credit as they spend big online.
The cash deal will close in the fourth quarter of this year, with PayPal anticipating big things to come from its Japanese audience, which has the third largest e-commerce market in the world.
PayPal says the move will complement the company’s existing cross-border e-commerce business in the Asian country.
“The acquisition will expand PayPal’s capabilities, distribution and relevance in the domestic payments market in Japan.”
A word on Paidy
Paidy will enable users of Paypal’s virtual wallet system to purchase items online and pay off their loans monthly.
But unlike Afterpay, Paidy enables its Japanese users to pay off their digital purchases in-store through a consolidated bill at local convenience shops or via bank transfer.
The company’s technology also has the ability to score creditworthiness, underwrite transactions and guarantee payment to merchants, setting up a safe platform for online consumer purchases.
“There is no better home for Paidy to continue to grow and innovate than PayPal, which has been removing friction from online shopping for more than 20 years,” says Russell Cummer, founder and executive chairman of Paidy.
“Together with PayPal, we will be able to further achieve our mission of taking the hassle out of shopping.”
Despite the acquisition taking place, Paidy will continue to operate under its existing business while maintaining its brand and supporting its consumers.
Founded in 2010, the BNPL firm currently has 4.3 million active accounts.
Written by Rebecca Borg
Tech
OpenAI limits deepfakes after Bryan Cranston’s concerns
OpenAI protects against deepfakes on Sora 2 after Bryan Cranston and SAG-AFTRA raise concerns over unauthorized AI-generated content
OpenAI protects against deepfakes on Sora 2 after Bryan Cranston and SAG-AFTRA raise concerns over unauthorised AI-generated content
– OpenAI partners with Bryan Cranston and unions to combat deepfakes on its Sora app.
– The app now includes options for people to control their likenesses and voices.
The partnership aims to enhance protections against unauthorized AI content. The Creative Artists Agency and United Talent Agency had previously criticized OpenAI, citing risks to their clients’ intellectual property.
Last week, OpenAI blocked disrespectful videos of Martin Luther King Jr. at the request of his estate, following similar pressures. Zelda Williams also requested the public refrain from sending her AI-generated clips of her late father, Robin Williams.
Policy Changes
Following tensions post-launch, CEO Sam Altman revised Sora’s policy to give rights holders greater control of their likenesses.
The app now allows individuals to opt-out, reflecting OpenAI’s commitment to respond quickly to concerns from performers.
OpenAI backs the NO FAKES Act, supporting legislation that aims to protect individuals from unauthorized AI-generated representations.
OpenAI is focused on ensuring performers’ rights are respected regarding the misuse of their voices and likenesses. Altman reiterated the company’s dedication to these protections.
Tech
Major apps down as AWS experiences global outage
AWS outage disrupts Fortnite, Snapchat and multiple services globally
AWS outage disrupts Fortnite, Snapchat and multiple services globally
– AWS outage on Monday disrupted major apps like Fortnite, Snapchat, and affected several global companies.
– UK companies including Lloyds Bank and Vodafone reported issues due to the AWS outage.
Amazon’s AWS experienced a significant outage on Monday, impacting major apps including Fortnite and Snapchat. The disruption affected connectivity for numerous companies globally.AWS reported increased error rates and latencies across multiple services and is attempting to recover quickly.
The outage marks the first significant internet disruption since a previous incident last year that impacted essential technology systems globally. AWS offers on-demand computing and storage services and is vital for many websites and platforms.
Multiple companies reported disruptions, including AI startup Perplexity, cryptocurrency exchange Coinbase, and trading app Robinhood. Perplexity’s CEO confirmed on X that the outages were linked to AWS issues.
Amazon’s shopping site, Prime Video, and Alexa services also faced difficulties, according to Downdetector. Other affected platforms included popular gaming applications like Clash Royale and financial services such as Venmo and Chime.
Uber competitor Lyft’s app was reported down for numerous users in the U.S. Messaging platform Signal also acknowledged connection problems stemming from the AWS outage.
British Companies
In the UK, Lloyds Bank, Bank of Scotland, and telecom services provider Vodafone were notably affected. The HMRC’s website also encountered issues during this outage.
Elon Musk stated that his platform, X, remained operational despite the widespread disruptions.
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