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PayPal Holdings, Inc. acquires Hyperwallet.

SAN JOSE, Calif: -PayPal Holdings, Inc. agreed to acquire Hyperwallet, a leading global payout platform, for $400 million in cash, subject to certain adjustments.

According to Internet Retailer, marketplace sales accounted for more than 50% of global online retail sales in 2017. The acquisition of Hyperwallet enhances PayPal's payout capabilities, improving the company's ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world.

Bill Ready, chief operating officer, PayPal, said, "Ecommerce platforms and marketplaces are leveling the retail playing field by connecting buyers who have specific needs with groups of sellers that can meet them. Merchants and service providers who use these platforms want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them. By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution to help ecommerce platforms and marketplaces -- however large or small -- leverage world-class payout capabilities in over 200 markets."

Upon closing, PayPal and Braintree merchants will gain localized, multi-currency payment distribution capabilities in more than 200 markets with numerous disbursement options, including prepaid card, bank account, debit card, cash pickup, check and PayPal.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Jul 3, 2018
Words:192
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