The Ambassador was enthusiastic about Xoom’s expansion into the African money transfer market which enables Xoom customers to send money for cash pick-up at over than 150,000 locations, send money directly into M-Pesa wallets in Kenya, send bank deposits directly into their beneficiary’s account in Africa, or top-up their loved one’s mobile prepaid phones. Earlier this month, members of the Amplify team in San Jose received Consul General of Kenya in Los Angeles, Ambassador Njeri Njiiri Karago, at our headquarters. In addition to my role as General Manager of Xoom, A PayPal Service, I serve as the executive sponsor for Amplify, PayPal’s employee resource group that promotes professional development of our employees of African heritage. Our actions, both individually and collectively, can make a difference, especially now. We must stay vigilant and do our part to build toward justice and equality for all people. We stand with the family of George Floyd and the countless other families and communities who have suffered discrimination, hatred or racial violence. We all have a responsibility to end discrimination and intolerance - and to seek justice, reconciliation and healing. No one should feel threatened or afraid because of the color of their skin, or who they are, or who they choose to be. We cannot stay silent in the face of racial injustice whether it is within our own communities or outside of them. We have seen a rise of xenophobic actions around the world, as the economic and psychological impacts of COVID-19 spread. Hatred, discrimination and injustice are unacceptable and have no place in our societies. This is the message I shared internally at PayPal today and wanted to make available to our customers, partners and all in our global community.Īs a company whose core value is inclusion, the PayPal community is committed to equality and justice – and these commitments have never been more important than they are today. Taking Action for Racial Equity and Social Justice Today we are announcing a $530 million commitment to support Black and minority businesses and communities during this critical juncture in history, as well as to further Diversity & Inclusion within our PayPal community. My recent conversations with members of Amplify, our Black employee community, along with Diversity & Inclusion leaders and experts inside PayPal and out, have given me deeper perspective and helped shape the actions we are taking as a company. That means that we will take a united stand and do the necessary work to dismantle racism in all its forms. We must make it absolutely clear that we will not tolerate racism, hatred or discrimination of any kind. While the tragic and senseless deaths of Ahmaud Arbery, Breonna Taylor and George Floyd are just a handful of examples of what we’ve witnessed in the U.S., we know similar scenes are playing out in countries around the world. This has been a difficult and emotional time for all of us – and a painful and devastating period for our Black colleagues. PayPal Launches New Service Enabling Users to Buy, Hold and Sell Cryptocurrency We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce. Early next year, we plan to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at our 26 million PayPal merchants worldwide. We’re starting by introducing the ability to buy, hold and sell cryptocurrency directly within the PayPal digital wallet. Today, we announced the first steps on our journey to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. What became clear through those conversations was that the shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access efficiency, speed and resilience of the payments system and the ability for governments to disburse funds to citizens quickly. One of the early things we did as the COVID-19 pandemic unfolded was to engage in conversations with governments and central banks around the world as they were thinking about how to efficiently send stimulus payments to their constituents.
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