EBay inked a deal to buy global payment platform Braintree in a roughly $800 million bid to better the mobile payment experience.
Ebay president and chief executive officer John Donahoe called the solution a “perfect fit with PayPal.”
Braintree will operate as a service within the eBay-owned PayPal, which projects its mobile payment volume will exceed $20 billion by year’s end.
The transaction with Braintree, which has worked with Uber, Airbnb, OpenTable and TaskRabbit, is expected to close in the fourth quarter.
Braintree’s Venmo mobile application gives users an easy way to pay each other using mobile devices and leveraging social networks.
While shoppers won’t notice the impact of the acquisition this holiday season, they should start to see an improved mobile shopping experience next year, said Anuj Nayar, PayPal’s head of strategic initiatives.
“One of the things that is difficult about the payment industry — [and] I am happy that payment is a regulated business — is for payment companies to expand internationally,” Nayar told WWD. “It’s very difficult for a Silicon Valley start-up in the payment space to rapidly grow internationally because every market in which you move into has a different set of regulations and policies.”
The nearly 15-year-old PayPal is in 193 countries, while Braintree operates in just 40 — but Nayar said this deal will allow Braintree’s customers to take advantage of PayPal’s relationships to accelerate expansion.
PayPal ended 2012 with $145 billion in total payment volume — with $14 billion, or nearly 10 percent, coming from mobile devices. In 2009, the payment giant did just $141 million in mobile payment volume.
According to eMarketer, total mobile commerce, or m-commerce, sales are projected to reach about $39 billion in 2013, comprising about 16 percent of all U.S. e-commerce sales.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)