Fintech

PayPal Introduces New Cashback Credit Card to Make Checkout with PayPal Even More Rewarding

PayPal and Synchrony announce New Cashback Credit Card That Offers 3% Cash Back on all PayPal Purchases

PayPal (NASDAQ: PYPL), today announced the introduction of the new PayPal Cashback credit card, issued by Synchrony, which gives customers even more cash back when they shop with PayPal. With the new card, customers earn unlimited 3% cash back when paying with PayPal at checkout online, mobile, or in-store with PayPal QR Code where eligible and unlimited 2% cash back on all other purchases anywhere Mastercard is accepted.

The PayPal Cashback credit card offers customers a new user interface within the PayPal app and on the web, delivering a simplified and more integrated way to access rewards, manage purchases, and make payments.

More than 60% of American consumers are now shopping both online and in-store, as well as across multiple spend categories 1 . As their shopping behaviors evolve from the pandemic, consumers are on the lookout for flexible ways to make smarter purchases and maximize rewards wherever they shop. The new card has no annual fee 2 , no category restrictions and can be added to a customer's PayPal wallet for easy, fast, and secure checkout.

"Our customers shopped across 34 different categories last year showcasing the diversity of their needs and interests, and we wanted to build a credit product that was flexible and better matched rewards with their spending behaviors," said Susan Schmidt , VP Consumer Credit, PayPal. "The new PayPal Cashback credit card was designed so PayPal customers can earn rewards and get cash back for everyday purchases no matter what categories they spend in that month."

Discover What's New

  • Smarter Way to Pay with PayPal : By using the PayPal Cashback credit card, customers can now pay with PayPal and get more rewards while shopping online, mobile, or in-store where available.
  • Better App & Desktop Experience : The PayPal Cashback credit card offers customers a new user interface within the PayPal app and on the web, delivering a simplified and more integrated way to access rewards, manage purchases, and make payments.
  • Easily Redeem Rewards & Make Money Go Further: In addition to earning more cash back when checking out with PayPal, customers can access rewards every day without having to wait for a monthly statement cycle. Based on account type, customers can have the freedom to choose how to use the rewards – whether they wish to make statement payments, make purchases from millions of retailers, or transfer funds to a linked bank account or debit card.
  • Cash Back for New Customers: For a limited time, new card customers will earn a one-time $100 cash back bonus on their first $500 spent 3 .

"Together with PayPal, we continue to build on the seamless integration that has been a hallmark of our partnership, allowing us to enhance rewards to our customers and improve the user experience," said Bart Schaller , CEO of the Digital Platform at Synchrony. "Plus, it's easy to use and manage – the new PayPal Cashback credit card is sure to be a customer favorite."

Existing eligible PayPal 2% Cashback credit card holders will automatically be upgraded into the new 3% cash back card structure and can start earning higher cash back rewards whenever they use their card to check out with PayPal. The new PayPal Cashback credit card will soon be available to select customers who can apply through the PayPal app and www.paypal.com and will continue to roll out in the coming weeks. Visit www.paypal.com/cashback for more information.

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 more than 425 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States ; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony

1 McKinsey COVID-19 Pulse Survey 2021
2 See Terms and Rates for New Accounts
3 Terms Apply

Media Relations Contacts

PayPal
Gideon Anstey
Gbanstey@paypal.com

Synchrony
Nicole Ward
Nicole.Ward@syf.com

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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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Real Matters Reports First Quarter 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 first quarter ended December 31, 2022.

News Provided by Business Wire via QuoteMedia

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Intuit to Announce Second-Quarter Fiscal Year 2023 Results on February 23

Intuit (Nasdaq: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks , and Mailchimp will announce its second-quarter financial results for fiscal year 2023 on February 23, 2023, following the close of market. The company's second quarter ends on January 31, 2023.

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on February 23. The conference call can be heard live at http://investors.intuit.com/Events/default.aspx . Prepared remarks for the call will be available on Intuit's website after the call ends.

News Provided by Business Wire via QuoteMedia

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Four Fintech Stocks For 2023

(NewsDirect)

Financial technology, or fintech, is a broad category of companies that use technology to improve or automate financial services. Companies that develop new digital payment-processing solutions are considered fintech, as are companies that build and operate person-to-person payment applications.

News Provided by TheNewsWire via QuoteMedia

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Intuit TurboTax Releases TurboTax Tax Trends Report

Report reveals Millennials and Gen Z continue to lead the charge in job-hopping, while cryptocurrency transactions were highest among mid-20 and 30-somethings

TurboTax , from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks and Mailchimp , releases the TurboTax Tax Trends Report, providing a retrospective look at how finances are evolving in America from 2020 through 2021 tax filing years.

News Provided by Business Wire via QuoteMedia

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Intuit TurboTax Releases TurboTax Tax Trends Report

Report reveals Millennials and Gen Z continue to lead the charge in job-hopping, while cryptocurrency transactions were highest among mid-20 and 30-somethings

TurboTax , from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax , Credit Karma , QuickBooks and Mailchimp , releases the TurboTax Tax Trends Report, providing a retrospective look at how finances are evolving in America from 2020 through 2021 tax filing years.

News Provided by Business Wire via QuoteMedia

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Embedded Finance, Web3 and ESG Lead 2023 Fintech Investment Amid Recessionary Pressures, according to FIS® Global Innovation Report

Key facts

  • A global study of 2,000 executives at firms across markets revealed plans to increase investment in embedded finance, environmental, social, and governance (ESG) frameworks, and decentralized finance in 2023, including cautious optimism towards cryptocurrency.
  • 44% of financial services firms' executives across the globe say they will invest significantly in developing embedded finance products in 2023 as consumers demand more convenient ways to pay, bank and invest.
  • Nearly two-thirds (61%) of all non-financial services executives told FIS it will be strategically important to have a presence in the metaverse in the next three years.
  • ESG is top of mind for financial services firms globally, with 60% of executives saying they are developing new ESG products and services.

New research released today from FIS ® (NYSE: FIS), a global leader in financial services technology, reveals global c-suite executives plan to invest significantly in Web3, environmental, social, and governance (ESG) frameworks and embedded finance in 2023, as companies look to fintech innovation to fuel growth despite economic uncertainty.

News Provided by Business Wire via QuoteMedia

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