PayPal has agreed to pay $25 million in fines after being accused of adding new customers to a credit service without their permission. Despite the setback, the online payment company is aggressively expanding its global reach by announcing some new partnerships at an event entitled Commerce Re-wired.
At the forefront of PayPal?s new technology is PayPal One Touch, which allows consumers to make single tap purchases across any device-smartphones, tablets and laptops.
PayPal says that in five years? time, mobile transactions on its platform have gone from less than one percent of total transactions to 30 percent.
About 25 percent of PayPal?s total payment volume crosses international borders. PayPal is now launching China Connect, which will link Chinese consumers directly with PayPal?s global merchants.
PayPal also announced a new partnership with Chinese bank card organization UnionPay.
PayPal had its biggest first quarter ever this year, handling over one billion transactions. It expects that number to grow rapidly if customers find mobile transactions safer and more convenient.