Tuesday, May 22, 2007
PayPal becomes a bank...'twas inevitable
PayPal has announced it has been granted a banking license for the European Union by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, effective July 2, 2007. According to PayPal, "under this new charter, PayPal will be able to continue its European expansion by offering its services to more online merchants across Europe. In addition, PayPal will be moving its European headquarters to Luxembourg."