Benzinga | Aug 18, 2021 12:21PM EDT

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

PayPal Holdings Inc (NASDAQ:PYPL) and Fiserv Inc (NASDAQ: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 (NASDAQ: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.