• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Commerce

PayPal Will Expand Business and Consumer Lending Outside the U.S.

Paul Balo by Paul Balo
July 31, 2014
in Commerce, Internet, Service news
Share on FacebookShare on Twitter

he San Jose, Calif., company’s PayPal payments unit said Wednesday it will expand its small-business and consumer lending programs outside the U.S.

EBay will change the name of its Bill Me Later consumer-lending program to PayPal Credit and push it into the U.K. and Germany later this year. Its small-business offering, PayPal Working Capital, will expand to the U.K. and Australia.

The expansion of the services is part of PayPal’s transformation from a business primarily reliant on eBay buyers and sellers to a financial institution more closely resembling a bank. PayPal, which is on a pace to exceed eBay’s core marketplace business by annual revenue, has been pushing new products like its in-store checkout system to fend off competition from rivals including Amazon.com AMZN -2.32% and Square.

“We feel really good about our ability to lend,” said Gary Marino, PayPal’s senior vice president of global services. He said PayPal aims to lend to customers with superior credit ratings.

PayPal logged a 20% sales bump in the second quarter to $1.95 billion, more than double the growth rate of eBay’s namesake marketplace unit. With 153 million users it also has more active customers than the marketplace.

PayPal lost its chief, David Marcus, last month to Facebook FB -2.15%, and eBay said its search for a replacement could last several months. EBay Chief Executive John Donahoe is leading PayPal in the interim.

PayPal began offering business loans late last year, charging merchants a flat fee, rather than interest. Marino said PayPal had made $150 million in loans since then. Rates vary based on the size of the loan and how quickly merchants agree to return the funds, but generally are less than 10%.

PayPal also is expanding its maximum loans to $60,000, from $20,000, Marino said.

The consumer-lending unit, PayPal Credit, has been a winner for eBay since it bought the business six years ago for about $1 billion. The service offers instant loans to consumers online seeking to buy goods from specified websites, including Walmart.com and Apple.com. The loans can be costly, with annual interest rates of up to 20%.

Steve Allocca, PayPal vice president of global credit, said PayPal is considering ways to extend credit offline as well. “Auto loans strategically make a lot of sense to us,” Allocca said, adding PayPal had no immediate plans to introduce them.

source: GREG BENSINGER/Wall street Journal

Related Posts:

  • 068BjcjwBw0snwHIq0KNo5m-15
    PayPal Enables NFC iPhone Payments in Germany…
  • filta
    PayPal Shares Soar After The Company Beat Second…
  • PayPal Reports Impressive Third-quarter Earnings Alongside Weak Fourth-quarter Guidance
    PayPal Reports Impressive Third-quarter Earnings…
  • 51025-100802-paypal-passkey-iphone-xl
    PayPal Is Adding More Secure Passkey Logins
  • Tabby-an-Egyptian-BNPL-startup-raises-58m-for-product-expansion
    Tabby’s Business Capital Increases After Securing A…
  • With So Many E-Wallet Options, Which One Is Best For You?
    With So Many E-Wallet Options, Which One Is Best For You?
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • brain-on-no-sleep
    Payment Startup SumUp Gets $624 Million In Funding…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Paul Balo

Paul Balo

Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Vietnam Will Soon block Telegram, App Owners are Surprised May 24, 2025
    • Widespread Downtime Reported By X Users May 24, 2025
    • MongoDB Enters Africa Through Nigeria Targeting $100B Digital Market May 24, 2025
    • Meta Quest’s Headgear Will Soon Support 3D Instagram Images May 24, 2025
    • Mozilla To Shut Down Pocket To Concentrate On Firefox May 24, 2025
    • OpenAI Upgrades Operator Agent’s AI Model May 24, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok