In today’s top news, PayPal recorded 377 million active accounts in 2020, and a new report shows China has almost 1 billion internet users. Plus, Payoneer plans to go public via a SPAC.
PayPal posted fourth-quarter results Wednesday (Feb. 3) that showed continued tailwinds under the rise of digital, and, specifically, contactless payments. Dollar volume was up 39 percent year over year, and the transaction count grew by 27 percent.
A new report from the Chinese government shows internet users in the country surged to 989 million amid the pandemic, an increase of 85.4 million since March 2020. Additionally, the report shows that 79.1 percent of China’s internet users have shopped online.
Payoneer has agreed to become a public company through a merger with a “blank check” company, FTAC Olympus Acquisition Corp., Bloomberg reported. The deal values Payoneer, a payments service provider for such companies as Airbnb and Amazon, at $3.3 billion.
Apple reportedly plans to invest $3.6 billion in Kia for the manufacture of the partnership’s new electric Apple cars. The facility is expected to begin production in 2024 and make around 100,000 cars per year, with the ability as well to ramp up to 400,000 per year.
Hotels are still reeling from the global travel slowdown, but adopting emerging technologies such as contactless ID verification could give travelers the confidence they need to rest easy when booking rooms. In the Digital Identity Tracker, PYMNTS spoke with Graham Perry, managing director for Best Western Hotels & Resorts Australasia, about mobile tools, contactless experiences and voice authentication’s potential in the industry.
As the digital-first economy continues its momentum, fraud remains a growing problem and one that often blindsides merchants. In the latest PYMNTS TV segment, PAAY CEO Yitz Mendlowitz and Karen Webster discuss how 3DS2 technology helps merchants shift chargeback liability in a way that many say seems “too good to be true.”
IBM might be scuttling its enterprise blockchain efforts — or its unit dedicated to the same. Or it might not. Recent headlines show that making the leap from concept and press release to real revenue generation might be a struggle.