We're living in a digital age, and so are our finances. And PayPal is, by far, one of the most used digital wallets worldwide, even with all its problems: it allows users to easily receive and send payments, whether you're just sending money to a friend or even if you're buying something online. Having been around since 1999 and quickly becoming the most used payment method on eBay in the early 2000s, it remains one of the most feature-rich digital wallets in the world, especially in the US. Now PayPal is launching a new version of its mobile app, full of improvements.
Venmo isn't the only digital payment platform that wants a bigger slice of the pie. Its owner PayPal is getting in on the action, with a widespread change of its rates set to go into effect on August 2nd. Barring a few small adjustments to currency exchange and charity rates, almost all of these are increases in processing fees. Most notably, the standard PayPal checkout merchant fee will increase from 30 cents plus 2.9% to 49 cents plus 3.49%.
Venmo is a popular user-to-user money transfer service, which gained a lot of ground for being easy to use and essentially free. But ever since PayPal bought the company back in 2013, the writing was on the wall for the first part of that. Soon the latter will start to look more like the former, with a series of increasing fees for some money transfers beginning next month.
More often than not when a tweet goes viral, we see follow-up tweets that ask for support, sometimes monetary. Twitter has noticed this too and so it's introducing Tip Jar to make it easier than ever to send money to your favorite creators or organizations.
PayPal-owned Venmo appears to be going through a service outage which is preventing users from making peer-to-peer payments. User reports to Downdetector began spiking around 10 a.m. PST today. A resolution, however, seems to be gradually rolling out.
PayPal is launching support for U.S. customers to trade and hold cryptocurrency and to use it as a funding source for retail purchases. The payments processing company has expedited plans for global expansion as it looks to catch the first big wave of future digital public currencies.
When a company has the reputation that Facebook has, it's unsurprising that it will want to point to anything positive it does when the opportunity arises. Today, the company has announced that its fundraising tools have been responsible for more the $1 billion making its way to various charitable causes.
Google Pay has come a long way in the last few years, with tons of banks and financial institutions now supported in many countries. An integration with PayPal was also announced last year, giving users even greater options, but it's only been available in the US. If you live in Germany, you'll be pleased to hear it's now rolling out to you too.