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Article: PayPal, Long a Rival, Now Wants to Befriend Banks.(Technology)
- Article from:
- American Banker
- Article date:
- November 4, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Daniel Wolfe
PayPal Inc., which has long positioned itself as a direct competitor to banks, has begun to work with them.
The San Jose company announced deals with two vendors Tuesday that will enable financial companies to use its network to offer their customers several new payments services.
Observers said that PayPal's well-known brand could be reassuring and thus appealing to consumers, but warned that financial companies may be reluctant to collaborate with a company that many perceive as a rival rather than an ally.
"We are basically looking to partner with the financial services industry and ecosystem as a whole," Dan ...