PayPal expands to be a one-stop shop for customers' financial service needs

By IVCPOST Staff Reporter

Aug 08, 2013 08:26 AM EDT

Paypal, an international e-commerce corporation that allows payments and money transfers through the Internet, is currently getting ready to launch a key expansion plan. PayPal's partnership with Alliance Data Systems would permit the company to develop its on-premise checkout service. Its lending service called Bill Me Later would also grow using the credit cards issued by the partners of Alliance Data.

The payment units of eBay included Bill Me Later, PayPal and Zong. They all observed growth of net revenues by 20% in the second quarter from last year. Berg Insight, a research firm, said that by 2017, the mobile wallet program would turn into a US$35 billion industry.

Isis, Google's own Wallet and Merchant Customer Exchange that includes Wal-Mart, Target and a dozen other retailers, currently drives the growth in the industry. PayPal's bigger rivals could pose a threat to the company but its recent deal with MoneyGram International was expected to make PayPal a one-stop shop for customers' financial services needs. PayPal users could transfer money or receive cash through 5,000 MoneyGram locations. The company would expand to 40,000 locations before the year ends.

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