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- Shares in PayPal Holdings Inc. traded down toward the end of the day Wednesday following a report from Reuters that some banks in Europe were experiencing unauthorized direct debits from PayPal accounts, according to the BBC. PayPal told Reuters some banking partners had been affected by “a temporary service interruption” and the company is working with affected banks to update accounts.
- Stablecoin payments platform Rain announced a $58-million Series B funding round led by Sapphire Ventures, bringing the company’s total funding to $88.5 million. Rain settles card-based payment volume directly in stablecoins using the Visa network.
- Some 60% of U.S. families expect to spend more this year on back-to-school items than they did last year, with an average back-to-school expense coming in at $466, according to a survey this summer of 6,000 parents by payments platform Zip Co Ltd.
- The Western Union Co. announced users in Peru will be able to send money to more than 200 countries and territories via an integration of WhatsApp Business. The service includes buying and selling dollars.
- Merchant Focus introduced MF linq, an embedded-payments platform aimed at software companies and marketplaces.
- Visa Inc. announced it will hold its annual Visa Payments Forum at the Moscone Center in San Francisco for the next five years. The conference, which hosts payments executives from around the world, has been held since 2006.
- Payments-technology provider CSI has appointed Michel Jacobs chief strategy officer. Jacobs most recently was chief sales officer at bank-technology provider Technisys, which became part of SoFi while he was there.
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