Online payment service PayPal.com has announced a new feature that will help alleviate the hassles of shopping through mobile devices. They are launching a universal payment service called “Log In With PayPal.” The service will allow you to easily sign in with your PayPal username and password. This allows users to avoid the hassle in filling out their payment details and shipping information. Merchants benefit from this feature because it can be used to verify a buyer’s identity.
Iron Pearl is a stealth startup company that was acquired by eBay subsidiary PayPal.com. Iron Pearl was created by Stan Chudnovsky and James Currier. Chudnovsky is known for advising startups like Lyft, Goodreads, Wanelo, and Goodreads on how to get more users.
Affirm is a new payments startup company that was founded by Silicon Valley entrepreneur and investor Max Levchin. This is the first project that has launched from the San Francisco based tech incubator Hard, Valuable, Fun (HVF). Levchin launched HVF after selling his company Slide to Google. Before that he sold PayPal to eBay with his business partner Peter Thiel. Affirm is not a mobile payments company that competes with Square or Stripe. It actually focuses on improving conversions for mobile payments.
PayPal has some major issues.
When using PayPal, many users are plagued with delays in payments due to potential “fraud.” The fraud filters are kept in place to make sure that criminals are not taking advantage of the digital payment system. If your funds get frozen because of a fraud filter, sometimes it may take around 21 days to get a payment and the company could even extend that number to around 180 days.
PayPal had a HUGE month! PayPal said that on Cyber Monday, they saw payments through mobile devices go up 190% when compared to the same day in 2011.
Anonymous is a major “hacktivist” group that fights for online freedom and is anti-censorship. For example, Anonymous cyber-attacked PayPal after they ceased funding for WikiLeaks, a whistle-blowing website that Julian Assange used to make confidential government documents public. PayPal has taken four alleged members of Anonymous to court for taking down their website using a cyber-attack. PayPal alleges that those actions costed them 3.5 million British pounds or roughly around $5.58 million U.S. Three out of four of the individuals have already entered a guilty plea.
EMC has acquired Silver Tail Systems, a security systems startup company, for an undisclosed amount. Silver Tail was started by two former eBay executives, Laura Mather and Mike Eynon. Ms. Mather has tremendous experience in Internet fraud and Mr. Eynon led the anti-fraud efforts at eBay and PayPal.