Banking With PayPal?
May 16, 2007
| 9:30 AM
Online payment service PayPal on Tuesday announced it was granted a banking license for the European Union by the Commission de Surveillance du Secteur Financier, effective July 2. The San Jose, Calif.-based firm also said it planned to move its European headquarters to Luxembourg.
"Our goal is to give European consumers more places to shop securely and conveniently across the web by making PayPal available on virtually every retail website in Europe," PayPal Europe Vice President Brent Bellm said. PayPal has more than 35 million accounts and is offered on more than 100,000 Web sites in Europe.
The Daily Telegraph reported that the eBay-owned firm is fighting off competition from Google, which launched a rival system last month.
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