PayPal Brings its 'Buy Now, Pay Later' Offer to Crowded Australia

The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. (Reuters)
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. (Reuters)
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PayPal Brings its 'Buy Now, Pay Later' Offer to Crowded Australia

The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. (Reuters)
The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. (Reuters)

PayPal Holdings Inc will launch its “buy now, pay later” (BNPL) option in Australia this June, the US payments giant said on Wednesday, muscling in further on Afterpay Ltd and others for share in the booming industry.

So far PayPal’s new BNPL option has been rolled out in the United States and Britain where by the end of the December quarter it said it had handled more than $750 million of transactions.

The US payments giant now plans to bring its interest-free “Pay in 4” service to its more than 9 million customers in Australia, where regulation of the fast-growing space is thin compared to other consumer finance categories, while adoption is higher than other markets.

The arrival of PayPal presents a serious new competitor for Afterpay and Zip Co Ltd, who lead the domestic market, as well as Sweden’s Klarna which is backed by a small shareholding from Australia’s largest bank.

Andrew Toon, the general manager of payments at PayPal Australia, told Reuters the company had been “inundated” with requests from Australian merchants and businesses after the offshore launch of its BNPL service last year.

PayPal planned to capitalize on its long-standing relationships with Australian merchants but not to the point of seeking exclusive arrangements that would muscle out other BNPL providers, Toon added.

The company’s initial announcement last year that it would join the BNPL sector raised concerns among investors and analysts that its deep network with retailers and lower merchant fees might eat into the incumbents’ growth.

“The big question is whether (PayPal) gain incremental sales as in a potentially different customer base, or do they simply take share away from incumbents,” said Steven Ng, the co-founder and senior portfolio manager at Ophir Asset Management, which owns Afterpay shares.

Shares of Afterpay, which have been battered in recent weeks by the global tech sell-off, were up more than 8%, while Zip fell 3.6% toward the end of the trading day.

“You shouldn’t underestimate the scale and technological firepower that Paypal have in competing against existing players,” Ng said, adding that competition will see further innovation and BNPL take greater market share in the overall payments industry.



OpenAI Unveils ChatGPT Agent to Handle Tasks as AI Apps Evolve

The OpenAI logo is seen on a mobile phone in front of a computer screen displaying output from ChatGPT, March 21, 2023, in Boston. (AP)
The OpenAI logo is seen on a mobile phone in front of a computer screen displaying output from ChatGPT, March 21, 2023, in Boston. (AP)
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OpenAI Unveils ChatGPT Agent to Handle Tasks as AI Apps Evolve

The OpenAI logo is seen on a mobile phone in front of a computer screen displaying output from ChatGPT, March 21, 2023, in Boston. (AP)
The OpenAI logo is seen on a mobile phone in front of a computer screen displaying output from ChatGPT, March 21, 2023, in Boston. (AP)

OpenAI launched an artificial intelligence agent for its popular chatbot ChatGPT on Thursday that can complete complex tasks as the Microsoft-backed startup looks to get ahead of competitors in the AI race.

AI agents — considered to be an evolution of an assistant — have been embraced across the tech world with large firms, including Microsoft, Salesforce and Oracle, spending billions on the technology to boost productivity and make operations more cost efficient.

OpenAI's agent will combine aspects of its previous agentic features, operator, which can interact with websites, and deep research that can conduct multi-step research for advanced tasks.

Starting Thursday, users of ChatGPT's Pro, Plus and Team tiers can activate the chatbot's agentic capabilities.

ChatGPT's agent can complete tasks such as ordering an outfit for a wedding while taking into account factors like dress code and weather.

The chatbot does this by using its own virtual computer equipped with a number of tools that can interact with the web. It also allows the user to connect apps such as Gmail and Github so ChatGPT can find information relevant to a prompt.