Giant Online Payment Firm PayPal’s New President Starts Monday

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Giant Online Payment Firm PayPal’s New President Starts Monday

The biggest, most successful online payments service company, PayPal, has a new president, David Marcus, the company’s mobile unit chief.

In a news report from San Jose, California, the Associated Press said Marcus, who formally assumes the job on Monday, replaces Scott Thompson, who is now CEO of troubled Internet giant Yahoo! Inc.

The incoming PayPal president will expectedly provide more impetus to the company’s rapid growth, particularly in its mobile business. PayPal has recently launched a service that allows small businesses to accept credit cards using a card reader attached to a smart phone.

The new PayPal chief takes the helm of the eBay-owned company at a time when it plans to expand beyond online payments to include services to smaller and smaller stores and businesses, aiming to allow the receipt and disbursement of payments practically anywhere where there is a store.

This planned broadening of its reach has become a natural consequence of its huge success as a pioneer in the online payment service business. PayPal started by offering payments services that typically involved  medium to large-scale online purchases in tandem with its mother company, eBay’s online auctions operations.

Among its latest projects is a program that would allow PayPal account owners to transact online with Home Depot stores, one of the largest consumer chains worldwide.

Marcus joined PayPal late in 2011, becoming vice president for its mobile unit when the company acquired Zong, a mobile payment service provider he founded.

He will be reporting to eBay president and CEO John Donahue.

Meanwhile, former PayPal president and CEO Scott Thompson is finding himself in deep water as new Yahoo CEO, as he struggles to extricate the giant Internet firm from its present corporate troubles.

eBay, PayPal’s mother company, reported a Wall Street share strength of $36.99 yesterday. Yahoo shares closed at just over $15.00.

Source: AP


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Author: Laurentiu Stan

Laurentiu is a young writer, who seeks to become a big name in the news field. He discovers his passion for writing in primary school and starts with short essays in his mother tongue. In college he begins writing essays in English as a freelancer, being attracted by news reporting. Now he’s the one who brings you the latest news as soon as they happen! He’s a soccer fan, music enthusiast and loves to travel.

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