Russian regulators have given PayPal approval to operate as a non-credit banking institution allowing the company to pursue its strategy of opening a domestic business in the country.
The process of obtaining the license from the Central Bank of Russia has taken more than two years according to Ebay. Russia’s 2011 National Payments Law included the licensing requirement as a provision.
Russia and China are Ebay’s top two priorities as the company looks to expand its international presence. Surprisingly, Ebay only accounts for 3-4% of daily ecommerce activity. However, Reuters cited Russian customers shopping on Ebay increased by 82% in 2012.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.