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PayPal launches its ‘super app’ combining payments, savings, bill pay, crypto, shopping and more

PayPal has been talking about its “super app” plans for some time, having recently told investors its upcoming digital wallet and payments app had been given a go for launch. Today, the first version of that app is officially being introduced, offering a combination of financial tools including direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more. The company is also announcing its partnership with Synchrony Bank for its new high-yield savings account, PayPal Savings.

These changes shift PayPal from being largely a payments utility that’s tacked on other offerings here and there, to being a more fully fleshed out finance app. Though PayPal itself doesn’t aim to be a “bank,” the new app offers a range of competitive features for those considering shifting their finances to neobanks, like Chime or Varo, as it will now also include support for paycheck Direct Deposits through PayPal’s bank partners, bill pay and more.

By enabling direct deposit, PayPal users can get paid up to two days earlier, which is one of the bigger draws among those considering digital banking apps over traditional banks.

In addition to shifting their paychecks to Payal, customers’ PayPal funds can then be used for things that are a part of daily life, like paying their bills, saving or shopping, for example.

The enhanced bill pay feature lets customers track, view and pay bills from thousands of companies, including utilities, TV and internet, insurance, credit cards, phone and more, PayPal says. When bill pay first arrived earlier this year, it offered access to (single-digit) thousands of billers. Now, it will support around 17,000 billers. Customers can also discover billers through an improved, intelligent search feature, set reminders to be notified of upcoming bills and schedule automatic payments for bills they have to pay on a regular basis. The bills don’t have to only be paid from funds currently in the PayPal account, but can be paid through any eligible funding source that’s already linked to their PayPal account.

Via a Synchrony Bank partnership, PayPal Savings will offer a high-yield savings account with a 0.40% Annual Percentage Yield (APY), which is more than six times the national average of 0.06%, the company says. However, that’s lower than top rivals in the digital banking market offer, like Chime (0.50%), Varo (starts at 0.20%, but users can qualify to get 3.00% APY), Marcus (0.50%), Ally (0.50%), ONE (1.00% or 3.00% on Auto-Save transactions), and others. However, the rate may appeal to those who are switching from a traditional bank, where rates tend to be lower.

PayPal believes its high-yield offering will be able to compete not based on the APY alone, but on the strength of its combined offerings.

Image Credits: PayPal

“We know that about half of customers in the United States don’t even have a savings account, much less one with a very competitive rate,” notes PayPal SVP of Consumer, Julian King. “So all in all, we think that by bringing together the full set of solutions on the platform, it’s a really competitive offering for an individual.”

The app has also been reorganized to accommodate the new features and those yet to come.

It now features a personalized dashboard offering an overview of the customer’s account. The wallet tab lets users manage Direct Deposits and connect funding sources like bank accounts and debit and credit cards alongside the ability to enroll in PayPal’s own debit, credit and cash cards. And a finance tab provides access to the high-yield savings and the previously available crypto capabilities, which allows users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The payments tab, meanwhile, will hold much of PayPal’s traditional feature set, including peer-to-peer payments, international remittances, charitable and nonprofit giving, plus now bill pay and a two-way messaging feature that allows users to request payments or say thank you after receiving a payment — whether that’s between friends and family or between merchants and customers. This addition could bring PayPal more in line with PayPal-owned Venmo, which already offers the ability to add notes to payments and make comments.

Messaging also ties into PayPal’s new Shopping hub, which is where the company is finally putting to good use its 2019 $4 billion Honey acquisition. Honey’s core features are now becoming a part of the PayPal mobile experience, including personalized deals and exclusive rewards.

Image Credits: PayPal

PayPal users will be able to browse the discounts and offers inside the app, then shop and transact through the in-app browser. The deals can be saved to the wallet for future use, so they can be applied if shopping later in the app or online. Customers will also be able to join a loyalty program, where they can earn cashback and PayPal shopping credit on their purchases. The company says these personalized deals will improve over time.

“We’ll use AI and [machine learning] capabilities to understand what kind of shopping deals are most interesting to customers and continue to develop that over time. They’ll just get smarter and smarter as the product gets more usage,” notes King. This will include using the data about the deals a customer likes, then bringing similar deals to them in the future.

Also new in the updated mobile app is the addition of PayPal’s crowdsourced fundraising platform, the Generosity Network, first launched late last year. The network is PayPal’s answer to GoFundMe or Facebook Fundraisers, by offering tools that allow individuals to raise money for themselves, others in need, or organizations like small businesses or charities. The network is also now expanding to international markets with Germany and the U.K. to start, with more countries to come.

As PayPal has said, the new app is laying the groundwork for other new products in the quarters to come. The biggest initiative on its roadmap is a plan to enter the investment space, to rival other mobile investing apps, like Robinhood. When this arrives, it will support the ability to buy stocks, fractional stocks and ETFs, PayPal says.

It will also later add support for paying with QR codes, like Venmo, and tools for using PayPal to save while in stores.

The updated app is rolling out starting today in the U.S. as a staggered release that will complete in the weeks ahead. However, PayPal Savings won’t be available immediately — it will arrive in the U.S. in the “coming months,” as will some of the shopping and rewards tools.

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The Article Was Written/Published By: Sarah Perez

How to Make Money on Tiktok

It’s becoming easier and easier to make money on TikTok the more the platform grows and evolves. Whether you are an established creator or looking to become one, there are tons of ways to make money on the popular app.


[Edit]Go Live

  1. One of the most straightforward ways to make money on TikTok is to go live and ask for donations. Entertain viewers on Live and they can send you TikTok coins they’ve purchased when they like your content or what you’re doing. You can collect coins as TikTok diamonds, which can be converted to real cash in PayPal.[1]
    Make Money on Tiktok Step 1.jpg
  2. There are a few requirements to go Live and make money:[2]
    Make Money on Tiktok Step 2.jpg
    • You must be at least 18 years of age.
    • You must have at least 1,000 followers.

[Edit]Join the Creator Fund

  1. TikTok’s Creator Fund encourages authentic, creative content from any creator on TikTok. There is no limit to the number of creators who can join the fund, so you may be eligible right now or you can work towards eligibility.
    Make Money on Tiktok Step 3.jpg
  2. To join the fund, you must:
    Make Money on Tiktok Step 4.jpg
    • Be based in the US, UK, France, Germany, Spain, or Italy.
    • Be at least 18 years old
    • Have at least 10,000 followers
    • Have at least 100,000 video views in the last 30 days
    • Have an account that fits TikTok’s community guidelines and terms of service[3]
  3. How are funds calculated? There are a couple of factors that go into calculating how much money you’ll earn from the fund. Your cut of the fund will be based on:
    Make Money on Tiktok Step 5.jpg
    • The number of views your video gets
    • The authenticity of your views (verifying that real accounts are interacting with your videos and not fake followers or bots)
    • The level of engagement on content (amount of comments, likes, and shares)
    • If the content is in line with Community Guidelines and Terms of Service

[Edit]TikTok Ad Platform

  1. If you are a small business owner, try advertising your product on TikTok with TikTok’s Ad platform. By selling your products on TikTok, you can make more money off your talents – whether you sell art, food, or anything else.
    Make Money on Tiktok Step 6.jpg
    • TikTok’s Ad platform is still in beta testing, but you can create an Ad account and start a new campaign right now.
    • In ad campaigns, you can select the objective of your ad, your budget, and where you want your ad to go.[4]

[Edit]Join the TikTok Creator Marketplace

  1. TikTok has created a platform specifically for brands and creators to collaborate.[5] Becoming a brand ambassador on TikTok is a gold mine for any creator. Join the marketplace to make videos about a brand’s product and get paid in return.
    Make Money on Tiktok Step 7.jpg
    • TikTok’s marketplace allows brands and creators to choose collabs based on data collected by TikTok, like audience demos, growth trends, and best-performing videos. [6]
    • Check out TikTok’s Marketplace here.

[Edit]Act as a TikTok Consultant

  1. After you have mastered some of these methods and earned a decent following, you can make money by explaining the process to others. As a TikTok Consultant, you can advise brands or influencers on the latest trends and methods to expand their TikTok clout.
    Make Money on Tiktok Step 8.jpg
    • Some TikTokers make up to $150,000 a year advising brands. [7]


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OnlyFans reverses decision to ban sexy folk

OnlyFans, the social network built largely on the racy work of the sex workers there, last week announced a ban on adult material. Partly a desire to go mainstream, and partly pressure from payment processors such as Visa and Mastercard, the move led to a surprisingly intense PR backlash and today the company announced it was reversing its plans. — Read the rest

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The Article Was Written/Published By: Rob Beschizza

Crypto lobbyists face defeat with House set to block tax rule changes


House Democrats on Tuesday were poised to block attempts to scale back digital currency tax rules tucked into President Joe Biden’s infrastructure plan, in a new setback for crypto industry advocates fighting the proposal.

The House Rules Committee, which drafts the terms of debate for bills headed to the floor, agreed to a process that would prohibit any amendments from being considered for the infrastructure bill. The full House was scheduled to vote to lock in the procedure Tuesday afternoon. The plan would also set up a floor vote on the infrastructure package by Sept. 27.

The House was set to close the door to infrastructure bill changes despite calls from Democrats and Republicans to pare back the cryptocurrency tax proposal that the Senate passed as part of the legislation earlier this month.

At issue in the fight are proposed requirements that would force cryptocurrency exchanges and other firms to report transaction information to the Internal Revenue Service, similar to rules in place for stock brokers. As drafted, industry lobbyists and sympathetic lawmakers say the plan threatens technological innovation and the viability of a growing sector of the U.S. economy.

Crypto industry groups are now considering other legislative vehicles to revise the policy, after being blindsided by its inclusion in the infrastructure bill. One possibility is Democrats’ $3.5 trillion budget package, said Michelle Bond, CEO of the Association for Digital Asset Markets.

“The industry’s biggest test will lie in efforts to forge positive relationships in Washington,” Bond said.

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The Article Was Written/Published By: Kellie Mejdrich

Google Still Wants to Be Your New Bank Account

Google has faced a somewhat rocky road with the launch of the new Google Pay app. But that’s not stopping Google from diving even further into the world of payments, as the company still wants to launch bank accounts.

Read This Article on How-To Geek ›

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The Article Was Written/Published By: Dave LeClair

Microsoft announces Office 365 price increases

Microsoft has confirmed that it will increase the pricing across the board for Office 365 subscriptions. The price increases will go into effect in six months, and Microsoft says the updated pricing reflects the “increased value” it delivered over the last decade. The software giant points to a handful of innovations that it has revealed in the last decade, helping … Continue reading

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The Article Was Written/Published By: Satsuki Then

OnlyFans has tons of users, but can’t find investors


OnlyFans, the online creator platform known for its adult content, is struggling to find outside investors, according to multiple sources.

Between the lines: Sex sells, based on company financials leaked to Axios, but it also scares off venture capitalists.

OnlyFans remains in market, seeking what a source close to the company refers to as a “strategic partner.”

  • The Raine Group, a merchant bank focused on tech and telecom, this past spring began helping OnlyFans to solicit investors.
  • Several deep-pocketed firms quickly passed, not even engaging in serious due diligence.
  • The money it’s hoping to raise would partially cash out majority owner and porn mogul Leo Radivinsky, while providing management with what one venture capitalist calls “more legitimacy.”
  • OnlyFans declined to comment for this story.

By the numbers: Any other company with growth like OnlyFans would be able to raise big money in a matter of minutes.

What follows is rounded data from a pitch-deck that was compiled at the end of March. The 2021 figures are based on run-rate through the end of Q1, while 2022 figures are OnlyFans projections:

Gross merchandise value (GMV):

  • 2020: $2.2 billion
  • 2021: $5.9 billion
  • 2022: $12.5 billion

Net revenue:

  • 2020: $375 million
  • 2021: $1.2 billion
  • 2022: $2.5 billion
  • Over 50% of OnlyFans revenue in March came from paid subscriptions, while more than 30% came via chats. The rest was a combination of tips/streams and paid posts for free accounts.

Free cash flow:

  • 2020: $150 million
  • 2021: $620 million
  • 2022: $1.2 billion

Total amount paid to creators since inception: $3.2 billion

  • More than 300 creators earn at least $1 million annually.
  • Around 16,000 creators earn at least $50,000 annually.
  • More than seven million “fans” spend on OnlyFans each month. It has even more users who only consume free content.

In short, OnlyFans has a porn problem, even though it never once mentions porn in its pitch-deck (something that multiple investors called “disingenuous.”).

  • Some VC funds are prohibited from investing in adult content, per limited partnership agreements.
  • Several investors are concerned about minors creating subscription accounts, although the company says it has controls in place to prevent that.
  • Some investors say they could get past the porn, but worry that the company’s reputation would prevent it from attracting brand partners (despite this week announcing a “safe for work” product that features its growing number of clothed creators).
  • A counterargument is that Snap is now plastered with advertising, and valued at $115 billion, even though it began as a way for teens to share nudes.

The bottom line: OnlyFans is one of the creator economy’s largest and most successful platforms. And investors are content to watch its success from afar.

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The Article Was Written/Published By: Dan Primack

No EV tax credit if you earn more than $100,000, says US Senate

Sen. Mark Kelly (D-Ariz.) departs the US Capitol at dawn after an overnight session of the US Senate on August 11, 2021, in Washington, DC. Sen. Kelly was one of three Democratic Senators who voted to gut the plug-in vehicle tax credit.

Enlarge / Sen. Mark Kelly (D-Ariz.) departs the US Capitol at dawn after an overnight session of the US Senate on August 11, 2021, in Washington, DC. Sen. Kelly was one of three Democratic Senators who voted to gut the plug-in vehicle tax credit. (credit: Win McNamee/Getty Images)

On Tuesday night, the US Senate passed an amendment that would limit the plug-in vehicle federal tax credit. Currently, tax payers are eligible for a tax credit of up to $7,500 based on the size of the vehicle’s battery for the first 200,000 plug-in vehicles from a given automaker. But Republican Senator Deb Fischer of Nebraska introduced a non-binding amendment to the $3.5 trillion budget bill that would means-test this tax credit, restricting it to tax payers with incomes below $100,000.

Perhaps more significantly, Sen. Fischer’s amendment also restricts the tax credit to EVs that cost less than $40,000. Consequently, the only battery EVs that will still be eligible for the tax credit will be the Hyundai Ioniq Electric ($34,250), Hyundai Kona EV ($38,565), Mini Cooper SE ($30,750), and the Nissan Leaf S Plus ($39,220). Chevrolet’s Bolt EV and Bolt EUV are both below the price threshold, but in 2019 the automaker sold its 200,000th plug-in vehicle, at which point the tax credit began to phase out.

The amendment passed, 51-48. Senator Fischer took to Twitter to say that “everyday Americans are living paycheck to paycheck because of the sharp rise in costs due to #Bideninflation. We shouldn’t be subsidizing luxury vehicles for the rich using money from hard-working taxpayers.” (Inflation is mostly being driven by high prices for used cars, which in turn is a result of the chip shortage.)

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The Article Was Written/Published By: Jonathan M. Gitlin

Amazon to Accept Bitcoin by End of 2021 and Develop Own Currency by 2022: Report


Amazon has plans to accept the cryptocurrency bitcoin by the end of 2021, according to an anonymously sourced report in the London newspaper City A.M. And while this is just the word of one anonymous “insider” at the Seattle-based mega-retailer, bitcoin’s price skyrocketed overnight and it’s creating a lot of buzz in…

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The Article Was Written/Published By: Matt Novak

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