The current news article I picked was PayPal’s latest mega-investment in Uber signals growing global ambitions an article published by CNBC on 26 th April 2019. A brief review of the article is that it states how in March 2019, PayPal poured more than 700 million dollars into MercadoLibre –which is one of Argentina’s e-commerce giant ("PayPal's latest mega-investment in Uber signals growing global ambitions", 2019) . In addition to that, the news article also notes how PayPal has made yet another financial investment by announcing its more than 500 million dollar investment deal with Uber.
My chosen financial article was newsworthy and I find it important because PayPal’s partnership with Uber would set the online money transfer company to a position that would enable it to better compete with big companies. Some of the companies PayPal would now be competing with as a result of its partnership with Uber include Amazon, Apple, Alibaba, Google, and Tencent Inc(Liu, Kauffman, & Ma, 2015). All these companies offer forms of online payment system and would now be facing stiff competition from PayPal. Unlike most of these companies, PayPal is international and most people around the world can access its services. For instances, Tencent and Alibaba have primarily dominated the Asian market but have a minute presence in other parts of the world.
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This new article caught my attention as I am a frequent client of Uber and occasionally I use PayPal’s online payment system. The other thing that caught my attention is the manner in which PayPal Company is on a spending spree. Less than one month since it made a 750 million dollar investment into MercadoLibre, PayPal is making yet another massive spending of half a billion dollar is another company.
Reference
PayPal's latest mega-investment in Uber signals growing global ambitions. (2019). Retrieved from https://www.cnbc.com/2019/04/26/paypals-mega-deal-with-uber-signals-growing-global-ambitions.html
Liu, J., Kauffman, R. J., & Ma, D. (2015). Competition, cooperation, and regulation: Understanding the evolution of the mobile payments technology ecosystem. Electronic Commerce Research and Applications , 14 (5), 372-391.
