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It’s payday as PayPal joins forces with Japanese BNPL platform Paidy

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Digital wallet platform PayPal splashes their cash as they jump on the digital credit bandwagon in a bid to engage with more consumers.

PayPal and Paidy come together through new partnership

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

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Tech

US judge blocks Montana’s TikTok ban

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A US judge has issued an injunction blocking Montana’s attempt to ban TikTok, citing concerns related to free speech.

The decision comes after Montana’s state government had imposed a ban on the popular social media platform, alleging security and privacy risks associated with its Chinese parent company, ByteDance. However, the judge’s ruling emphasizes the importance of safeguarding free expression in the digital age.

The judge’s decision to halt Montana’s TikTok ban was made in response to a lawsuit filed by a group of TikTok users and content creators who argued that the ban infringed upon their First Amendment rights. The plaintiffs contended that TikTok provided a platform for them to share their creative work and engage with their audience, and that the ban was an unjustified restriction on their freedom of speech.

This case raises important questions about the balance between national security concerns and the protection of free speech in the context of social media platforms. It also highlights the ongoing debate surrounding the regulation of tech companies with ties to foreign governments. Additionally, it underscores the influence of social media in modern society, where platforms like TikTok have become integral tools for self-expression and communication.

In light of this ruling, it remains to be seen how other states may approach similar bans on TikTok or other social media platforms, and whether the issue will continue to be litigated in courts across the United States.

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Spotify’s 2023 Rewind: tunes, trends, triumphs

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In a musical culmination of the year, Spotify has released its ‘2023 Wrapped,’ encapsulating the year’s sonic journey in a playlist.

The streaming giant showcases the UK’s top tunes, unveiling the artists who dominated playlists and the tracks that defined the year. From rising stars to established icons, the playlist mirrors the eclectic tastes of the nation.

Listeners can now relive the highs and lows of the past year through a curated collection of songs that became the soundtrack to their lives. The data-driven insights reveal not just the most-played songs but also the emergence of new genres and the impact of cultural phenomena on music preferences.

As the ‘2023 Wrapped’ takes the spotlight, users are engaging in a nostalgic exploration of their music habits, sharing their personal playlists on social media. The annual tradition sparks conversations about the year’s defining moments, creating a sense of community around shared musical experiences.

In a musical showdown of epic proportions, Taylor Swift and Miley Cyrus have emerged as the undisputed queens of the Spotify realm in 2023. As users eagerly unwrap their personalised Spotify Wrapped summaries, it’s evident that Swift’s enchanting melodies and Cyrus’s dynamic tunes have dominated the streaming landscape throughout the year.

Swift, known for her poetic lyrics and genre-spanning talent, continues to capture the hearts of listeners globally, securing her spot as the most-streamed artist of 2023. Meanwhile, Miley Cyrus, with her bold and eclectic style, has claimed a formidable position as the second most-streamed artist, proving her enduring popularity.

The rivalry between these two powerhouse performers has added an extra layer of excitement to this year’s Spotify Wrapped experience. Fans, avidly comparing their Wrapped summaries, have ignited debates over the merits of Swift’s timeless ballads versus Cyrus’s energetic anthems.

As the year draws to a close, it’s clear that Taylor Swift and Miley Cyrus have not only defined the musical landscape but have also solidified their places in the hearts of millions of Spotify users worldwide.

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Tech titans to face US Senate grilling on child safety

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Top executives from Meta, X, TikTok, Snap, and Discord are set to appear before the United States Senate to address concerns regarding child safety on their platforms.

 

The CEOs, including Mark Zuckerberg of Meta, will face rigorous questioning about the efficacy of current safety measures and the steps being taken to protect young users from harmful content and online predators.

The Senate hearing comes amid growing apprehension over the impact of social media on the well-being of children and teenagers. Lawmakers are expected to scrutinise the platforms’ policies on content moderation, data privacy, and the use of algorithms that may expose minors to inappropriate or harmful material.

This high-profile event marks a significant moment for the technology industry, as legislators seek to hold these companies accountable for their role in shaping the digital experiences of young users. The outcome of the hearing could potentially influence future regulations aimed at safeguarding the online environment for children.

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