PayPal to Cut Around2,500 Jobs as Rivals Snag MarketShare::PayPal Holdings Inc. will reduce its workforce by about 9% as Chief Executive Officer Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades.
Websites now take Google pay.
Restaurants and startups are using toast and squarespace.
People are using cash app and venmo.
There are a lot more alternatives to PayPal than 10 years ago.
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Zelle is also mentioned in the article, which I don’t know much about but use because they partnered with a bunch of banks, mine and my parents included. My boomer parents who have always been afraid of PayPal because of the sheer number of scammers pretending to be PayPal (which, to be fair, if you’re not tech savvy enough to avoid the scams, avoiding the platform they’re pretending to be actually works), but they use Zelle, because of that bank integration.
Yeah I forgot about Zelle. I used to wire transfer with my family and everyone immediately switched to Zelle when it was integrated.