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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

Tech

Meta’s hiring freeze a result of economic slowdown

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Meta’s hiring freeze is the latest indication that even tech giants are feeling the pinch of the struggling economy

META’S HIRING FREEZE | Meta’s CEO Mark Zuckerberg has told employees the company is going on a “hiring freeze.”

He says there might also be more layoffs in the future and pointed the blame at the global economy and Apple.

Meta’s revenue has been taking a hit because of the global economic slowdown, and Apple’s recent change to its ad tracking policies hasn’t helped matters either.

Mark Zuckerberg

As a result, Meta’s stock price has plunged more than 50% this year.

In May, Zuckerberg warned that Meta might have to make some “tough choices” in the form of layoffs.

But by June, he sounded more optimistic, saying that Meta was “well-positioned” to weather the economic storm.

Now it looks like those tough choices are finally being made.

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Apple exec fired over crude TikTok video

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Apple’s vice president of procurement, Tony Blevins, has been fired from the company after his crude remarks in a TikTok interview went viral

Apple has fired its vice president of procurement, Tony Blevins for making crude comments in a viral TikTok video.

It all started with an interview that went horribly wrong. Creator Daniel Mac posted a video where he asked Blevins what he does for a living, and Blevins response didn’t reference anything respectable.

“I race cars and play golf and fondle big-breasted women. But I take weekends But I take weekends and major holidays off,” Blevins replied.

The video has been viewed over 1.3 million times.

The video didn’t identify Blevins by name and didn’t reference his position at Apple, though Blevins does note that his job offers “a hell of a dental plan.”

But Apple moved quickly to fire Blevins, saying the comments don’t align with their values and respect of women.

Apple is known for being a family-friendly company, so it’s no surprise that they wouldn’t want an employee making crude jokes on TikTok.

This just goes to show that you should be careful what you say on social media.

Ton Blevins

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Apple downgrade signals broader tech problem

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Apple’s downgrade by Bank of America sparked a selloff in tech stocks, sending shares of Alphabet and Microsoft to one-year lows.

The move came as investors rotated out of growth stocks and into more defensive assets to deal with higher interest rates and get ahead of a possible recession.

Apple’s stock fell sharply after the downgrade, while shares of other major tech companies also tumbled.

The selloff in tech stocks weighed on the broader market, with the Dow Jones Industrial Average and the S&P 500 both falling sharply.

The market’s declines were broad-based, but the tech sector was hit particularly hard.

The Nasdaq Composite Index fell more than 3%, while the Dow Jones Industrial Average and the S&P 500 both declined more than 2%.

The market’s sell-off was sparked by a downgrade of Apple’s stock by analysts at Bank of America.

The downgrade came as investors are increasingly worried about the outlook for the tech sector.

Shares of Apple have fallen sharply this year, and the stock is now down more than 30% from its highs.

Other major tech stocks have also been under pressure, with shares of Alphabet, Facebook, and Amazon all down significantly from their highs.

The market’s sell-off on Thursday was a continuation of the recent trend of investors rotating out of growth stocks and into more defensive assets.

The rotation out of growth stocks has been driven by concerns about higher interest rates and a possible recession.

Investors have been flocking to safe-haven assets such as gold and government bonds.

The market’s sell-off on Thursday also came as oil prices fell sharply, with West Texas

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