Fintech

Venmo Launches Gift-Wrapping Feature to Help its Community Celebrate Every Moment

- Today, Venmo introduced a new way for customers to gift money to friends and family for any occasion big or small through its new gift-wrapping feature. Beginning to roll out today, Venmo's latest feature gives customers access to eight unique and vibrant animated gift-wrap designs that can be added to a payment note.


Consumers continue to adopt digital payments into various parts of their everyday financial lives, and for many, this also includes gift-giving. Seventy-eight percent of Venmo users indicated that they've sent money as a gift via Venmo or another person-to-person (P2P) payment service in the past year. Additionally, eighty-six percent of those surveyed cited the ease of sending as one of their top reasons for choosing to send a gift via Venmo. 1

"Gifting money through Venmo to say 'thanks' or 'just because' is something the majority of our community does year-round, not just during holidays and special occasions," said Darrell Esch , SVP and GM, Venmo. "The present emoji was one of the top ten emojis that customers used in their payment notes in 2021. 2 We're excited to introduce our new gift-wrapping feature to enhance this experience, enabling customers to celebrate with loved ones, no matter how big or small the moment."

How It Works
Customers can send a gift-wrapped payment in just a few simple steps, at no additional cost. Simply tap the "Pay or Request" button on the home screen and add the recipient, payment note and payment amount. Customers can then tap the gift-wrap icon (next to the "Pay" button) and choose the gift-wrap they'd like to send along with their payment, where they will be able to preview the animation before confirming and sending the payment. From there, the recipient will receive a notification that they've received a gift in the Venmo app, where they'll be able to unwrap the gift and view the custom animated design. Both the sender and recipient can choose to rewatch the animation at any time from the payment details screen, which they can access by tapping the transaction.

The launch of this new feature also comes in time for Lunar New Year, a key cultural moment for Asian communities for gifting money to family and loved ones to bring good fortune and happiness. As the pandemic caused people across the country to put in-person celebrations on hold this past Lunar New Year, many of our customers turned to Venmo to keep the tradition going. We saw the number of payments sent including the red envelope emoji during Lunar New Year 2021 increase by 69% percent compared to those sent in 2020. 3 To help the communities who celebrate make the occasion even more special this year, we will be introducing three Lunar New Year-inspired gift-wrap designs to honor the Year of the Tiger. These limited-edition designs will be available to customers in the Venmo app in the coming weeks.

The rollout of Venmo's new gift-wrapping feature starts today for select customers and will be available for all customers in the coming weeks. Don't have a Venmo account? Creating one is easy and free - sign up online or download the Venmo app through the Apple or Google Play app stores.

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

Media Contact
Jaymie Sinlao
jsinlao@paypal.com

1 Based on data from a survey conducted by Forsta and commissioned by Venmo of its customer base, from September 21 October 17, 2021 . The survey data reflects 2,001 respondents.
2 Based on P2P payments sent on Venmo from January 1, 2021 - December 31, 2021 .
3 Based on P2P payments sent on Venmo from January 25 February 8, 2020 and February 12 February 26, 2021 .

Venmo launches new gift-wrapping feature to help its community celebrate every moment.

Venmo's new feature gives customers access to eight unique and vibrant animated gift-wrap designs that can be added to a payment note

Venmo's new feature gives customers access to eight unique and vibrant animated gift-wrap designs that can be added to a payment note.

Venmo will also be introducing three Lunar New Year-inspired gift-wrap designs to honor the Year of the Tiger.

Venmo launches new gift-wrapping feature to help its community celebrate every moment.

Venmo launches new gift-wrapping feature to help its community celebrate every moment.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/venmo-launches-gift-wrapping-feature-to-help-its-community-celebrate-every-moment-301460160.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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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.

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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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