- June 19, 2021
- Posted by: Stratford Team
- Category: Business
A payment is made on a mobile device during a PayPal demonstration at Terra Gallery in San Francisco, California May 21, 2015. REUTERS/Robert Galbraith/File Photo
NEW YORK, June 18 (Reuters) – PayPal Holdings Inc (PYPL.O) will lift merchant costs for its branded payment products while cutting those for behind-the-scenes processing of some Visa and Mastercard transactions, a bold move in an increasingly competitive digital payments sector.
The strategic shift reflects Paypal’s increasing power in the marketplace for online transactions, which surged during the COVID-19 pandemic. As consumers and businesses flocked to the company during lockdown, its active accounts mounted to 377 million, more twice as many as in 2015.
The company said the move reflected the value of its proprietary services, with consumers nearly three times as likely to complete a purchase when Paypal products are available at checkout, while those who use the new buy-now-pay-later…
