Fintech

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, ...

- 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 .

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.

News Provided by PR Newswire via QuoteMedia

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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Alphinat Announces a Profit of $122,358 for Fiscal Quarter Ended November 30, 2021

Alphinat Announces a Profit of $122,358 for Fiscal Quarter Ended November 30, 2021

Alphinat Inc. (TSXV:NPA) announces a profit of $122,358 for the financial quarter ended November 30, 2021

During the quarter ended November 31, 2021, Alphinat concentrated most of its commercial efforts on its partnerships and accelerating sales in the public sector. Furthermore, SmartGuide software continues being used by federal government departments & agencies, state / provincial and municipal governments.

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Mobi724 Logo

Mobi724 to Serve Global Clients Through Agreement with Worldline Brand Ingenico

Mobi724 to Provide all Value-Added Services on Ingenico's Payment Platform as a Service

Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, is pleased to announce it has entered into an agreement to provide its value-added services on Ingenico's Payments Platform as a Service (PPaaS). Ingenico is a brand of Worldline (Euronext: WLN), the European leader in the payments and transactional services industry and fourth largest worldwide.

"Integrating with Ingenico's PPaaS allows us to provide our services on a global scale while also validating the impact and effectiveness of our AI-powered payment card-linked solutions," said Marcel Vienneau, CEO of Mobi724 Global Solutions Inc. "Through this collaboration, we join several other leading global players who are working with Ingenico to execute a shared vision of payment solutions that create truly enhanced transactions. This, combined with our recently announced programs in Latin America, further secures our position as an innovative payment solutions provider."

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SoLa Impact's Black Impact Fund Receives $25 Million Investment from PayPal to Address Racial Equity Through Affordable Housing

SoLa Impact a leading minority-led housing developer, today announced a $25 million investment from PayPal for its fourth fund, the Black Impact Fund.  The investment further scales SoLa's production of high-quality affordable housing in California's major urban markets. PayPal's investment in SoLa's Black Impact Fund is part of PayPal's $535 million commitment to advance racial economic equity and support Black and underserved communities.

"PayPal is uniquely positioned to create economic opportunity for underinvested communities. This investment will contribute to progress in closing the racial wealth gap and providing access to affordable housing in Black and brown neighborhoods," said Martin Muoto, Chief Executive Officer, SoLa Impact. "We are excited to add PayPal to our cohort of leading corporate investors with a strong commitment to driving long-term transformative change and addressing economic inequality in historically underserved communities."

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Mint Launches Bill Negotiation Feature to Help Customers Negotiate Bills and Curb Monthly Spending

Intuit's Mint partners with Billshark to offer users an easy way to negotiate bill and subscription costs, saving customers hundreds of dollars on their bills

Today, INTUit (NASDAQ: INTU), the global technology platform that makes TurboTax , QuickBooks , Mint , Credit Karma , and Mailchimp , announced Bill Negotiation in Mint, which can help cut down users' monthly bill and subscription payments by hundreds of dollars. In partnership with ApexEdge's Billshark, Mint suggests areas where users could save on monthly payments, and then connects them with Billshark to negotiate rates on their behalf.

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Newsweek Ranks FIS as One of America's Most Responsible Companies

Key facts:

  • FIS was selected for the annual ranking based on its corporate achievements in the three areas of ESG – environment, social and corporate governance.
  • Newsweek rankings are determined by ESG performance data and perceptions of 11,000 U.S. residents surveyed last year.

Financial technology leader FIS ® (NYSE: FIS) announced today that it has been named to the America's Most Responsible Companies 2022 list by Newsweek magazine.

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Real Matters to Hold Virtual Annual General Meeting on January 31, 2022

Real Matters Inc. ("Real Matters"), a leading network management services provider for the mortgage lending and insurance industries, will be holding its Annual General Meeting (the "Meeting") on Monday, January 31, 2022 at 10:00 a.m. (Eastern Time). The Meeting will be conducted online only, via audio webcast at: http://www.virtualshareholdermeeting.com/realmatters2022

Registered and non-registered shareholders entitled to vote at the Meeting may vote by proxy in advance of the Meeting. However, only registered shareholders and duly appointed proxyholders (including non-registered shareholders who have duly appointed themselves as proxyholder) will be entitled to vote at the Meeting during the live audio webcast. Non-registered shareholders who have not duly appointed themselves as proxyholders will be able to attend the Meeting and ask questions but will not be able to vote. Guests will be able to attend the Meeting but will not be able to submit questions, vote their shares (if any) or otherwise participate in the Meeting. Please note that shareholders and duly appointed proxyholders will need the 16-digit control number indicated on the form of proxy or voting instruction form accompanying their Notice of Meeting or the 8-character Appointee Identification Number, as applicable, in order to log on to the Meeting as "Shareholder" or "Proxyholder / Appointee". Otherwise, they will have to log on as "Guests". Please refer to the Company's Management Information Circular in the Investor Relations section of our website for additional details on how to log on to the Meeting.

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