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PayPal ties up with Visa for offline payments in the US

PayPal reported a 15% revenue growth to $2.65 billion for the quarter ended June 30 (Q2 2016). The company ended the quarter with more than 188 million active accounts and processed 1.4 billion transactions. Total payment volume processed was $86 billion, up 28% year-on-year. PayPal also announced that it is getting into offline payments through a partnership with card network Visa. Through this partnership, PayPal’s digital wallet will be accepted in all physical retail locations where Visa contactless transactions are enabled. In addition, PayPal will gain access to Visa’s tokenization services, in the United States, for in-store PayPal transactions. VentureBeat points out that PayPal had been urging customers in the US to use Automated Clearing House (ACH), a network which processes net banking, to load money into their wallet. Visa’s chief executive Charlie Scharf said at a conference that he wants PayPal to stop telling its users to fund their digital wallets through bank accounts. If it continued,  Visa would "compete with them in ways that people have never seen before." Through this deal, the two companies seemed to have arrived at a truce. The agreement gives PayPal certain economic incentives, including incentives for increased Visa volume, and greater long-term certainty on fees paid to Visa, and removes the threat of any fees or Visa network rules being targeted solely at PayPal. It's worth noting that in India, State Bank of India, the largest bank in the country, has removed net banking as an option to load money in wallets due to increased cases of fraud in the country. More on that…

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