PayPal (EBAY) Inks Massive Deal to Quiet the Haters (DFS) (SBUX) (PAY)
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According to an earlier release, eBay's (Nasdaq: EBAY) PayPal will be partnering up with Discover Financial (NYSE: DFS) in a huge deal which will vastly expand the online payment processors footprint in the U.S. The release also left the door open for expansion into international markets as well.
The news comes following a deal between coffee giant Starbucks (Nasdaq: SBUX) and payment processor start-up Square, which sent PayPal peer Verifone's (NYSE: PAY) shares lower on the session.
With PayPal's deal, the Company will have virtually seamless integration into 7 million locations within the U.S. That's above and beyond the 7,000 U.S. Starbucks stores Square will be running in.
The deal will take a while to adhere; merchants will begin processing transactions via PayPal. No upgrade to POS terminals will be made, just some extra signage throughout stores. Customers can pay via a PayPal credit card or by entering their phone number.
All in all, this marks a significant point in the transition to mobile and cashless payments. Though rivals like Visa (NYSE: V) and MasterCard (NYSE: MA) are also working to broaden payment methods, this will be an early roll out of the system.
Shares of eBay are up over 2 percent while Verifone is also indicated higher Wednesday.
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The news comes following a deal between coffee giant Starbucks (Nasdaq: SBUX) and payment processor start-up Square, which sent PayPal peer Verifone's (NYSE: PAY) shares lower on the session.
With PayPal's deal, the Company will have virtually seamless integration into 7 million locations within the U.S. That's above and beyond the 7,000 U.S. Starbucks stores Square will be running in.
The deal will take a while to adhere; merchants will begin processing transactions via PayPal. No upgrade to POS terminals will be made, just some extra signage throughout stores. Customers can pay via a PayPal credit card or by entering their phone number.
All in all, this marks a significant point in the transition to mobile and cashless payments. Though rivals like Visa (NYSE: V) and MasterCard (NYSE: MA) are also working to broaden payment methods, this will be an early roll out of the system.
Shares of eBay are up over 2 percent while Verifone is also indicated higher Wednesday.
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