PayPal launched a new merchant app called PayPal for Business, aimed at driving usage and adoption of its invoicing and payments services among freelance workers and small businesses in India.
The app is designed help small businesses manage their sales performance along with their cash flow, whether its payments or receivables.
Pedestrians walk past PayPal Holdings Inc. signage outside the company's headquarters in San Jose, California, U.S., on Tuesday, Jan. 24, 2017. PayPal Holdings Inc. is scheduled to release earnings figures on January 26. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
“With the penetration of smartphones and internet connectivity, our merchants are increasingly adopting a mobile-first go to market strategy. PayPal for Business is aimed at catering to these merchants in making their lives easier and helping them conduct their business on the go,” said Narsi Subramanian, director of growth at PayPal India in the press release on the company's blog.
The business app is the latest in a series of expansions, product launches and investments PayPal has made in the past 12 months. Most recently, PayPal expanded its India operations with the addition of 600 developers, engineers and manager to its existing headcount of 1,700 in its two offices in Chennai and Bangalore.
It was only November 2017 when PayPal launched domestic operations in India, allowing Indian consumers to shop online at some of India’s most popular businesses. PayPal has been offering cross-border payments for close to a decade in the country, so domestic expansion was a natural outgrowth of its success.
India is a very open and welcoming payments market which is attracting significant global and domestic competition to service merchants. Its local payments rival, Paytm, has recently expanded into gamified budgeting with a recent acquisition to make its payment app more robust for consumers.
The action rids the Montana bank of a $62.8 million loan that's long been on its watch list. It comes as First Interstate's new CEO looks to put his own stamp on the bank.
The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.
Texas Capital Bancshares promotes Aimee Williams-Ramey to chief human resources officer; M&T Bank hires Wells Fargo veteran Krista Phillips for newly created post of chief customer officer; Paul Connolly and Paul Speiss age out of their positions on Eastern Bankshares' board; and more in this week's banking news roundup.
In a speech outlining his priorities for the FDIC, Vice Chair Travis Hill stressed the need for a more flexible regulatory approach, addressing capital requirements, digital assets, climate policy, and bank oversight, while emphasizing transparency and timely action.
