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- An eBay Inc. executive said the online marketplace will not back down on the introduction of its Managed Payments program in the face of criticism from some sellers regarding the program’s costs and policies. The company introduced the new payments program, which relies on gateway services from Adyen N.V., last year after years of reliance on PayPal Holdings Inc.
- Ride-share pioneer Uber Technologies Inc. said it has acquired Careem FZ LLC, a ride-hailing and payments company based in the Middle East and operating in 120 cities across 15 countries. The purchase price was $3.1 billion.
- In related news, at least some drivers for Uber and rival Lyft Inc. complained their instant payouts from the companies were not being processed earlier this week. Uber blamed the glitch on an unspecified “processing interruption due to Mastercard” but said the issue had been resolved.
- In an effort to enhance customer security and privacy, JPMorgan Chase & Co. will ban financial-technology companies from collecting Chase customers’ passwords in order to link their accounts to fintech services, BetaNews.com reported, citing a Financial Times article. Instead, Chase will issue tokens that send third parties a narrow range of data in a secure form.
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