Current Affairs
Select Date

PayPal, MasterCard Reach Deal for Store Payment

PayPal's partnership follows a similar deal with MasterCard's larger rival Visa Inc in July as the company looks to expand its payments network.
•    As part of the deal, MasterCard will allow PayPal users to withdraw cash from their accounts using a debit card and also waive the digital wallet fee it currently charges PayPal.
•    The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico.
•    PayPal, spun off from e-commerce company eBay Inc last year, has focused on aggressive growth.
•    The company's revenue in the second quarter rose more than 15 percent to $2.65 billion from a year earlier and the volume of payments it processes jumped 28 percent to $86.21 billion.
•    PayPal is also in discussions with banks that issue cards, to explore new products and partnerships, the Journal report said, citing people familiar with the matter.

Read More
Read Less
View All Comments

China Starts Cargo Train Service to Russia

A cargo train left south China's Guangzhou City for Vorsino, Kaluga Region (113 miles south-west from Moscow) on Aug. 28 , China’s Xinhua reported.
•    It is the latest freight train route China has launched to boost trade ties along the ancient Silk Road. 
•    The train will travel 11,500 km over 14 days before reaching its destination. 
•    Its cargo includes garments, shoes, hats, cloth, lamps and lanterns, electrical appliances, and electronics. 
•    According to Xinhua, Guangzhou, capital of Guangdong Province, has traditionally depended more on maritime freight services. 
•    The new cargo train service saves 30 days compared with shipping services, and it costs just a fifth of the price for air transportation.
•    Russia’s Kaluga Region has set up a major logistics center in the Vorsino industrial park to handle 150,000 to 350,000 containers a year, the Russian media report.

Read More
Read Less