Thu, May 24, 2012
U.S. to fine Ericsson in Panama $1.75 million over Cuba shipments
By Steve Stecklow and Basil Katz
(Reuters) - World number one mobile network equipment maker Ericsson's
Thu, May 24, 2012
Schilling video game firm lays off staff: report
By Ros Krasny
BOSTON (Reuters) - The troubled video gaming company run by former Red Sox baseball great Curt Schilling seemed on the verge of ...
Thu, May 24, 2012
RIM sales chief hired by audio company Sonos: sources
By Alastair Sharp
TORONTO (Reuters) - Patrick Spence, who resigned this week as global head of sales at struggling BlackBerry maker Research In Motion Ltd ...
Thu, May 24, 2012
Apple CEO gives up $75 million in dividend income
By Poornima Gupta
SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook will not be earning dividend income on the more than 1 million ...
Thu, May 24, 2012
Dish, TV networks take fight over ad zapper to judges
By Liana B. Baker and Jonathan Stempel
(Reuters) - A legal battle erupted between DISH Network and some of the major broadcast networks Thursday as ...
Thu, May 24, 2012
PayPal strikes deals with 15 retailers
By Alistair Barr
SAN FRANCISCO (Reuters) - PayPal has made deals with 15 retailers including Toys R Us, J C Penney
Earlier this year Home Depot
For retailers, the service may attract more shoppers, provide more information about consumers, and help reduce costs associated with credit card payments.
For PayPal, owned by eBay Inc
EBay Chief Executive John Donahoe and Chief Financial Officer Bob Swan told Wall Street earlier this year that PayPal planned to sign up about 20 big retailers in 2012.
"They said 20 large merchants would partner with us this year. This is only our first installment. There will be others," Don Kingsborough, the PayPal executive overseeing the offline initiative, said from its headquarters in San Jose, California.
PayPal grew quickly by making it easy for people to make secure online payments. It grew to prominence on eBay's online marketplace, leading eBay to acquire the business in 2002. It has since branched out to hundreds of other e-commerce websites and is working on expanding to mobile transactions as well as physical stores.
Other retailers announced on Thursday that have signed on for PayPal's in-store service are Office Depot
Jamba, American Eagle and Toys R Us were notable additions because they also use Google Wallet, a PayPal rival run by Google Inc
Some of these retailers will go live with PayPal in-store payments next month, Kingsborough said, while not mentioning specific merchants.
EBay shares closed down 3 cents at $39.67 on Thursday.
Shawn Milne, an analyst at Janney Capital Markets, said PayPal had yet to strike a deal with a huge retailer, or "whale," such as Target Corp
He said, however, that the breadth of retail categories represented by the merchants announced on Thursday would likely help PayPal encourage more consumers to use its service in physical stores.
David Marcus, PayPal's new president, said it takes time to bring large merchants into such a new initiative.
"We're not even at halfway through the year, and we already have 16 large retailers," he said, adding that PayPal expects to comfortably reach its goal of 20 big merchants in 2012.
Marcus said PayPal may process more than $7 billion worth of mobile payments this year.
He also said that more than 300,000 small businesses had registered for PayPal Here, the company's card payment service that works with smart phones and competes with start-up Square Inc. PayPal Here was launched in March.
'UBIQUITY'
Earlier on Thursday, PayPal said it had signed agreements with VeriFone Systems
VeriFone and Equinox provide payment terminals that are used in stores run by many of the world's largest retailers. Earlier this year, PayPal signed a similar deal with the other leading payment terminal provider, Ingenico.
These agreements should help PayPal's offline expansion, giving it potential access to almost 40 million payment terminals that are already installed in stores worldwide.
PayPal's service was quickly rolled out in Home Depot stores this year, partly because no new hardware needed to be bought or installed by the retailer. Instead, just software on payment terminals needed to be upgraded.
"An important part of our future is to get to ubiquity," Kingsborough said on Thursday. "There will be 40 million terminals eventually to let consumers buy in stores with PayPal. That's one of the big building blocks we have to get to ubiquity."
VeriFone is used by 80 percent of the top 200 U.S. retailers while Equinox is used by three of the top 10, according to Doug Anmuth, an analyst at J.P. Morgan.
"This ubiquity makes it significantly easier for PayPal to quickly increase adoption among large retailers," Anmuth said in a note to investors. "The ability to quickly upgrade software on point-of-sale terminals removes a great deal of friction around the willingness of offline merchants to adopt PayPal."
(Reporting By Alistair Barr; Editing by ...
Thu, May 24, 2012
VeriFone sees third quarter sales below estimates, shares fall
(Reuters) - VeriFone Systems Inc
Thu, May 24, 2012
RealNetworks to refund customers in online subscription dispute
(Reuters) - Online media company RealNetworks said it will set up a $2 million compensation fund for some of its subscribers to settle a complaint ...
Thu, May 24, 2012
Citadel lost $30 million in Facebook fiasco: source
NEW YORK (Reuters) - Citadel Securities' market-making business lost around $30 million due to Facebook Inc's botched initial public offering on Nasdaq OMX Group ...
Thu, May 24, 2012
U.S. weighs aircraft for post-disaster communications
By Jasmin Melvin
WASHINGTON (Reuters) - U.S. regulators are looking for ways to accelerate the use of drones and other aerial technologies to restore ...
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