American payment service provider PayPal is cutting about nine percent of its jobs, which amounts to almost 2,500 jobs. Company boss Alex Chriss explained on Tuesday that Paypal needed to focus more on “efficiency” and “automation.”
The company also had to adapt its technology so that “complexity and duplication” was reduced, Chriss said.
The announcement comes a year after the payment services provider already laid off seven percent of its workforce – around 2,000 employees at the time.
Heavy competition
Paypal has come under pressure from competition from the likes of Google Pay and Apple Pay. After the years of the Corona pandemic, in which online sales and therefore also payments via Paypal increased dramatically, a certain normality has returned to customers’ shopping behavior.
Last year, numerous US internet companies, such as online retail giant Amazon and Facebook parent company Meta, laid off employees.
(dsc/sda/afp)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
