Fintech
PayPal Broadens Access to Its Post Purchase Services for Merchants to Help Manage Increasing Return Volumes
PayPal (NASDAQ: PYPL), announced it is delivering more ways to help retailers manage returns by enabling merchants who offer PayPal Checkout to use the Happy Returns return and exchange portal software at no additional cost. Additionally, the company has partnered with Ulta Beauty which increases the total number of Happy Returns Return Bar locations to more than 5,000. As online shopping has continued to accelerate during Covid, average return rates have increased to more than 20%, making it more important than ever for merchants to manage their post-purchase processes more effectively.
Expanding Return Software Access
American consumers returned over $218 billion of online purchases in 2021, creating logistical challenges and greater costs for retailers. By making the Happy Returns software available to PayPal merchant customers at no additional cost, PayPal helps merchants of all sizes to transform their returns experience while streamlining their own operations.
The Happy Returns software automates returns and exchanges and delivers a more user-friendly customer flow. With intelligent exchange suggestions based on return reasons and inventory, consumers can make an exchange within the same transaction or choose to receive a refund. For merchants that also use the Happy Returns in-person Return Bar service, the return flow presents customers with nearby Return Bar locations so they can select their preferred returns location.
“As return volumes continue to increase, this is a crucial time for merchants to implement efficient and cost-effective solutions that better equip them to manage the growing role returns play in retail,” said David Sobie, Vice President of Happy Returns by PayPal. “By offering the Happy Returns software free of charge, we are delivering a post-purchase solution for merchants that helps them retain revenue and gives them a competitive edge in today’s market.”
In addition, the Happy Returns portal is now localized to eight additional languages to enable access by consumers in the EU and Canada. The appropriate language is displayed automatically based on the shopper’s location, with translation of all screen instructions including custom copy provided by the merchant. The returns portal also includes a robust dashboard that enables the merchant to run detailed reports of returns data and respond to returns-related customer inquiries in real time.
“Happy Returns has made it possible for us to offer seamless exchanges to our customers across the globe, helping retain revenue we would have otherwise lost,” said Niran Chana, President, International at Gymshark.
Ulta Beauty Introduces Return Bars
Despite the continued increase in online shopping, consumers have demonstrated a strong and growing preference for Happy Returns’ box-free, label-free drop-off—with over 70% choosing to visit a Return Bar rather than returning by mail when given the option. To help support this demand, Happy Returns and Ulta Beauty are introducing Return Bars in more than 1,300 Ulta Beauty retail locations nationwide, increasing the total number of Return Bar locations overall to more than 5,000. With this expansion, 78% of Americans will live within a 10-mile radius of a Return Bar, making the return process convenient and efficient for consumers.
Starting in select locations and expanding throughout 2022, the Ulta Beauty partnership extends Happy Returns’ unique reverse logistics solution to remove consumer and merchant return pain points. Shoppers begin their return on the Happy Returns-hosted returns portal or the merchants’ own return flow and receive a QR code. They can then bring the items only—no box or receipt required—plus the QR code to the Return Bar at an Ulta Beauty store to complete the return. Returns from multiple merchants are aggregated into a reusable tote, reducing shipping costs and making the process more sustainable by eliminating cardboard and lowering carbon emissions.
“Though consumers have increased their frequency of online shopping, returns are commonly an ‘in person’ experience and are costly and challenging for merchants,” said David Sobie, Vice President of Happy Returns by PayPal. “Our partnership with Ulta Beauty widens our in-person drop off network and gives online shoppers more options to complete returns—Return Bars bring new customers into stores and give merchants a more cost-effective and practical way to manage their reverse logistics.”
“We are thrilled to welcome Happy Returns to the Ulta Beauty family to deliver our guests greater convenience,” said Kecia Steelman, Chief Operating Officer, Ulta Beauty. “Our pilot with the innovative return platform reinforced the value simplified, in-person returns offer consumers and retailers alike. We’re encouraged by the increased store traffic and in-store engagement the partnership drives. This is a winning opportunity for our guests, our brand and Happy Returns.”
Merchants who would like more information about the Happy Returns returns portal software and/or in-person Return Bar service can visit happyreturns.com/paypal
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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