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Thats not 100% true. Paypal may very well own a bank, or at the very least cooperates with a bank, to stay in compliance with some of the services its offers.
by wheelerwj 7y ago
Thats not 100% true. Paypal may very well own a bank, or at the very least cooperates with a bank, to stay in compliance with some of the services its offers.
Financial services companies are often a complex arrangement of licensed and/or white-labeled services that are necessary to maintain compliance with regulations in the multitude of jurisdictions in which they operate.
- wil421 7y agoPayPal does not have a banking license so they must partner with banks to other some services. Similar to Apple offering 0% loans on iPhones with Citizens or loans with interests for Macs using a Barclay credit card.
- realityking 7y agoWhile a little off-topic, since this is an article about the US, PayPal does have a European banking license: https://web.archive.org/web/20161122071031/http://www.e-comlaw.com/e-finance-and-payments-law-and-policy/article_template.asp?ID=887 https://web.archive.org/web/20161122071031/http://www.e-coml...