PayPal

PAYPAL plans to cut costs and jobs as new chief executive officer Enrique Lores seeks to turn around the payments company that’s faced stiff competition in recent years.

This will enable instant cross-border transfers in US dollars

Stripe has become one of the industry’s most coveted players

The company now finds itself in a rut with its customers increasingly turning to alternative ways to pay for things

Its lower surplus is due to weaker US retail spending and slower growth in its branded checkout segment

The application comes on the heels of a number of cryptocurrency firms gaining preliminary regulatory approval to become banks last week

The company reports 37% surge in Q3 transaction, credit losses to US$483m

Plenty of so-called fat-finger errors have happened in crypto before

The companies are working to establish standards to ensure merchants, consumers and autonomous AI agents are operating with sufficient risk controls and safety features