PayPal-Fiserv To Permit Direct Paycheck Remittance To Venmo: Report

PayPal Holdings Inc PYPL and Fiserv Inc FISV collaborated to help gig economy workers directly remit their paychecks via PayPal or Venmo wallet, CNBC reports.

• The arrangement will also serve insurance, gaming, and other B2C transactions.
• The over 400 million active accounts on the PayPal and Venmo platforms will offer companies a fast, easy, and cost-effective way to send money.
•  Lyft Inc LYFT, State Farm, and FanDuel are current Fiserv customers that have immediate access to the technology.
• Separately, PayPal abolished late fee charges for payments miss on buy now, pay later products globally. 
• Price Action: FISV shares traded higher by 1.42% at $114.53 on the last check Wednesday.