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Payment service provider Paypal is cutting nearly nine percent of its business, meaning almost 2,500 job cuts. Company boss Alex Chriss announced on Tuesday that PayPal needs to focus more on “efficiency” and “automation”. The company also needs to adapt its technology to reduce “complexity and duplication,” Chriss said.
The announcement comes a year after the payments service provider laid off seven percent of its workforce – around 2,000 employees at the time.
Paypal has come under pressure from competition from Google Pay and Apple Pay, among others. After the years of the Corona epidemic, when online sales and therefore payments via Paypal increased significantly, a certain normality has returned to customers’ shopping behavior.
Last year, several US internet companies, including online retail giant Amazon and Facebook parent company Meta, laid off employees. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
