Fintech

PayPal consumers in the US can now earn points towards cash back through merchant offers, deals, and other discounts with the ability to redeem when checking out with PayPal

PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the introduction of PayPal Rewards, a new unified rewards program that gives customers an easy way to shop, earn, track, save, and redeem rewards and offers all in one place their PayPal app. PayPal Rewards connects PayPal's merchant offers, cash back savings, and shopping products into one experience.

New PayPal Rewards gives customers an easy way to shop, earn, track, save, and redeem rewards and offers all in one place – their PayPal app.

As consumers continue to navigate high prices heading into the holiday shopping season, deals, discounts, and cash back remain top priorities, with 25% of consumers stating loyalty programs are the most important factor when deciding where to shop 1 . PayPal Rewards provides a ubiquitous rewards program, where consumers can earn PayPal Rewards points and save money through cash back and discounts at participating retailers. PayPal Rewards will build upon the nearly $200 million PayPal consumers have already saved this year so far through PayPal Honey-enabled cash back and discounts. 2

"With the financial challenges people face these days, brought on by rising prices and the need to tighten budgets, it can be frustrating to shop for everyday essentials or plan for the holidays," said Greg Lisiewski , Vice President of Shopping and Global Pay Later. "PayPal Rewards makes it easy to find sales, discounts, and great deals when making a purchase with PayPal – through cash back, discount codes, or other rewards."

PayPal Rewards provides:

  • One, Unified Rewards Program Across PayPal: Customers can combine rewards earned across multiple PayPal products and shopping experiences including PayPal Honey browser extensions and the PayPal app, and in the future, various card products.
  • Designated Rewards Destination: Rewards will now be housed in a new part of the PayPal app, making it simple to track and redeem rewards earned across many PayPal products and shopping experiences.
  • More Ways to Earn: Customers will be able to earn PayPal Rewards points in a variety of ways, including personalized engagement with the PayPal app, and using the PayPal Honey browser extension to find discounts. Points can be redeemed for cash back and other rewards. PayPal Rewards can provide even greater benefit when using a reward earning payment card to make purchases using PayPal.
  • More Ways to Redeem: Customers will have the flexibility to redeem rewards points without category restrictions or amount minimums throughout the PayPal ecosystem, such as cash back or at PayPal checkout. Once redeemed for cash back into their PayPal balance, the funds can be transferred to their linked bank account, deposited into their PayPal Savings account 3 , donated to a charity, or sent using P2P.

With the introduction of PayPal Rewards, Honey Gold will become PayPal Rewards points. Customers will have the option to set up or link to an existing PayPal account and start benefiting from this new integrated experience with more ways to redeem their rewards points.

PayPal Rewards will start rolling out to U.S. customers today.

  1. IDC, Consumer Sentiment Survey, 2022: Findings and Implications, Doc # US49621522, August 2022
  2. Analysis of internal PayPal data, January through September 2022
  3. PayPal is a financial technology company, not a bank. Banking services provided by Synchrony Bank, Member FDIC. PayPal Balance account is required to use PayPal Savings

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com .

Media Contacts
Gideon Anstey
Gbanstey@paypal.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/new-paypal-rewards-program-helps-consumers-save-money-in-time-for-the-holiday-season-301650360.html

SOURCE PayPal Holdings, Inc.

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PYPL

PayPal Acquires TIO Networks

Core Innovation Capital and the Center for Financial Services Innovation has announced that their portfolio company has been acquired by PayPal (NASDAQ:PYPL).
As quoted in the press release:

CFSI, the nation’s authority on financial health, made an early investment in TIO Networks in 2005. Core, a venture capital firm investing in leading financial technology companies, invested in TIO in 2013 as part of their mandate to create value for everyday and underserved Americans.
TIO is a cloud-based multi-channel bill payment processor that has processed over $7 billion in payments in 2016 for its 14 million customers. The company delivers convenient access to secure bill pay via kiosk, walk-in, mobile and web solutions.
“Our exceptional financial return is further enhanced by the fact that TIO is one of the most impactful fintechs in the industry, now becoming part of PayPal,” said Arjan Schütte, founder and managing partner of Core.
“PayPal’s acquisition of TIO represents one of CFSI’s greatest impacts to date,” said Jennifer Tescher, founder and CEO of CFSI. “In TIO, we made an early investment that helped a strong innovator become a financial health champion, and the company has built an incredible business around a real consumer pain point, shaped it, and demonstrated that it can be done profitably. Under the larger umbrella of PayPal, TIO should scale even further to benefit more Americans.”
Seventy-nine percent of TIO’s customers are low-to-moderate income, of which a majority pays their bills by giving cash to a teller at a convenience or other retail location. One of the reasons both CFSI and Core invested is that these bills, when expedited, can be extremely expensive. When Core invested in 2013, TIO saved its customers $192 per year on walk-in bill pay charges, relative to the most common alternatives in the market. This translates to an aggregate savings of $290 million in that year alone. TIO is one of the most impactful companies in Core’s portfolio in terms of number of customers served and ratio of underserved customers.

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CEO of Bitcoin Wall Provider Xapo Joins PayPal's Board of Directors

CEO of bitcoin waller provider Xapo has joined PayPal (NASDAQ:PYPL) as a new board member.
Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member.
 
According to an article on Fortune:

Wences Casares, CEO of bitcoin wallet provider Xapo, is the payments giant’s newest board member. Payments giant PayPal announced a new board member this morning, potentially signaling the company’s openness to cryptocurrencies. Wences Casares, CEO of bitcoin wallet provider Xapo, joined PayPal’s board and is part of the company’s compensation committee.
Dan Schulman, president and CEO of PayPal PYPL 2.49% , said of the entrepreneur: “Wences’s unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe.”

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Intuit and Suh Family Foundation Launch National Financial Literacy Program for High School Students

Intuit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , together with the Suh Family Foundation, co-founded by Ndamukong and Katya Suh, today announced a partnership to bring financial literacy education to high school students in some of the nation's largest school districts in Dallas, Los Angeles, and Oakland.

The program follows a successful pilot serving students in the Portland Public Schools through a partnership with Self Enhancement, Inc., where Intuit and the Suh Family Foundation provided workshops and training to staff to deliver personal finance education to students. Through the program expansion, Intuit will equip teachers with a financial literacy curriculum and skills-building resources, providing students across the country with a stronger financial foundation.

News Provided by Business Wire via QuoteMedia

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Intuit's TurboTax returns as the presenting sponsor of both the AFC and NFC Divisional and Championship Games

Intuit kicks off #IntuitTouchdownDance challenge to celebrate financial milestones

News Provided by Business Wire via QuoteMedia

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Real Matters Reports Fourth Quarter and Fiscal 2022 Financial Results

(all amounts are expressed in millions of U.S. dollars, excluding per share amounts and unless otherwise stated)

Real Matters Inc. (TSX: REAL) ("Real Matters" or the "Company"), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2022.

News Provided by Business Wire via QuoteMedia

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Seventy-two Per Cent of Canadian Small Businesses Say the 2022 Holiday Season Is More Important to Overall Financial Health Compared to 2021, Reveals New Intuit QuickBooks Report

There is a potential $10 billion opportunity for Canadian small businesses if consumers direct their holiday spending to support local

Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , today announced the findings from a new global survey by QuickBooks uncovering 2022 holiday shopping trends. The survey reveals that shopping local could make or break the holiday season for small business retailers, with 72 per cent of Canadian small businesses saying the 2022 holiday season is more important to their overall financial health compared to last year. However, holiday spending with Canadian small businesses could hit up to $10 billion if Canadian consumers shop small.

News Provided by Business Wire via QuoteMedia

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Intuit's Third Annual Prosperity Accelerator Aims to Spur Growth for Greater Toronto Area Fintechs

Calls for submissions open for the program designed to advance financial prosperity of Canadians by accelerating growth, impact, and fundability of Toronto area startups

Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , announced today the launch of its third annual Intuit Prosperity Accelerator in collaboration with Highline Beta , a globally recognized accelerator builder-operator and venture capital firm focused on corporate innovation.

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Intuit's Virtual Expert Platform Connects People to Tax and Bookkeeping Experts Powered by AI

Company sets stage for new services for consumers and small businesses, just in time for 2022 tax season

Intuit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp , is fueling innovation at scale for consumers and small businesses, and speeding time to market for new products and services with its AI-driven Virtual Expert Platform , just in time for the 2022 tax season.

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