Some digital services look like banks, act like banks, but aren't banks — meaning they can, for instance, close down your account without notice. Or be difficult to contact when you want to dispute fraud.
PayPal experienced a global outage that affected multiple products for about two hours Thursday (Nov. 21). The incident lasted from 10:53 UTC to 12:59 UTC Thursday, the company said on its status page.
The Consumer Financial Protection Bureau on Thursday issued a finalized version of a rule saying it will soon supervise nonbank firms that offer financial services likes payments and wallet apps. That would include services from Apple and Google, as well as payment firms like PayPal and Block.
PayPal will begin letting its disbursement partners use PayPal USD to settle cross-border money transfers. The new service is offered through PayPal's Xoom cross-border payments business, according to a Tuesday (Nov. 19) press release.
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