Latest PayPal News – Nov, 2015
Smart Car Application Wins $100,000 from PayPal
PayPal’s annual BattleHack competition is never anything but hotly contested, but this years’ competition was something else entirely. Following regional heats from across the world, 14 developers were invited to PayPal’s HQ to partake in the finals. Each given 24 hours, the developers were takes with building an application that incorporated the PayPal, Braintree of Venmo APIs, and were encouraged to create applications which did an element of social good.
The winning team hailed from Venice, and designed the winning hack, known as ifCar. It uses both hardware and software to make cars smarter using a mixture of sensors, environmental & contextual data and user preferences. The on-board technology in the car could be used to provide data on local parking rules, monitor children or pets in the car or improve vehicle security.
John Lunn, Director of Developer and Start-up Relations said “Their technology has the potential to democratise access to the technical features of high-end cars, making it possible to turn any car into a smart car.”
Apple’s Pay Could Hurt PayPal
With more and more shopkeepers moving towards payment terminals that support contactless payment methods like Android & Apple Pay (alongside contactless debit cards), the use of these mobile payment services is rising quickly.
Currently, each of them only allows you to pay for things in shops, and not each other – an area that PayPal excels in. However, if rumours that Apple are planning to update their application with person-to-person payment options, it could hurt PayPal’s business significantly. A patent filed by Apple earlier in the year described a payment service that would work wirelessly between two devices, and would be encrypted for security purposes.
Rumour also has it that Apple has been in talks with big US banks like J.P Morgan Chase, Capital One, Wells Fargo and more. Presumably, it’s also been in talks with the UK banks in order to launch a parallel service in the UK.
With all that said, it’s unlikely many will be sent scrambling towards the 0844 381 6302 contact number for PayPal. Any fears on PayPal’s part will be relaxed somewhat by Apple’s historic distaste for putting their services on other platforms like Android. In that case, PayPal will still hold the only widely supported, cross platform payment system, and be by far the simplest method for sending money online.
Carl Cashes Out eBay Stake to Invest in PayPal
Carl Icahn is something of a big deal when it comes to investors. He’s cultivated a reputation as a so-called ‘activist’ investor for his outspoken views on what a business should be doing, his high media profile and his huge amounts of money to invest in companies. So, when he makes a move in or out of a company, it’s usually for a pretty good reason.
Filings now show that Icahn swapped his entire equity stake in eBay Inc for the same number of shares in PayPal Holdings Inc during the third quarter of this year. In total, Icahn had 46.3 million shares in eBay (3.8% of the company), and now reports the same number of shares in PayPal. Icahn, of course, had been pushing eBay to spin off PayPal for a number of months last year, and now has board representation at PayPal through Icahn Capital’s managing director Jonathan Christodoro.
In parallel news, George Soros, of Soros Fund Management published his 13-F filings, which details its long term positions as of the end of Q3. Soros upped his position in eBay by 2.2 million shares, now up to 5.4 million with a value of around $132 million. Soros also now owns around 4.4 million shares in PayPal.