question: Why haven't companies like Western Union, and other firms that serve the same purpose, die due to PayPal and Venmo?
comment: A large number of people use only cash, so an online service that draws from a bank account they don't have would be useless.
passages: In Pakistan, users can use Xoom, a money transfer service owned by PayPal. In October 2018, Pakistan's government used Xoom to help crowdsource funds for the purpose of building two dams.
  
  Section::::Services.:Global reach.:Turkey.
   In March 2015, Paytm received its funding from Chinese e-commerce company Alibaba Group based in Hangzhou, China , after Ant Financial Services Group, an Alibaba Group affiliate, took 40% stake in One97 as part of a strategic agreement. Soon after, it received backing from Ratan Tata, the MD of Tata sons.
   In 2014, UnionPay was reported to have been contributing to capital flight from China through poorly regulated store front operations in Macau.
  
  Section::::History.:Global alliance.
  
  In 2005, UnionPay entered into agreements with other payment networks to increase acceptance around the world. Some major examples include:
  
  BULLET::::- Discover
  
  BULLET::::- RuPay in India
  
  BULLET::::- JCB in Japan
  
  BULLET::::- BC Card in South Korea
  
  Section::::Logo.
   In September 2010, PayPal froze the account of a Minecraft developer, Markus Persson. Persson stated publicly that he had not received a clear explanation of why the account was frozen, and that PayPal was threatening to keep the money if they found anything wrong. His account contained around €600,000.
  
  PayPal's partner MasterCard ceased taking donations to WikiLeaks in 2010, and PayPal also suspended, and later permanently restricted, payments to the website after the U.S. State Department deemed WikiLeaks activities as illegal. Online supporters and activists retaliated by subjecting PayPal and MasterCard, along with other companies, to coordinated cyber attacks.
   The firm closed its services in the Indian market in 2011 by the Reserve Bank of India due to certain directives enforced by the RBI. Payoneer re-entered the Indian market in 2016, after partnering with IndusInd Bank and receiving central bank approval. The company customized its offerings for the Indian market, with special reporting systems and fund-transfer limits that comply with local rules.
  
  Section::::History.:EU money remittance license.
  
  In order to lawfully remit money within the European Single Market Payoneer is registered with the Gibraltar Financial Services Commission. 
   Monex is at risk of losing these certifications after thousands, if not millions of dollars went missing from clients:,
  
  Section::::Operations and financials.:Corporate social responsibility.
   In August 2013, entrepreneurs who had used PayPal to collect the funds they raised on crowdfunding platforms like Kickstarter and Indiegogo reported difficulty in being able to withdraw the money. Most notable victims are Ouya, GlassUp (a rival to Google Glass), and Mailpile.
  
  In May 2014 PayPal blocked the account of a Russian human rights organisation "RosUznik", which supported political prisoners arrested at Bolotnaya Square case.
   In October it was announced, that PeoplePc would open European subsidiaries to enable overseas corporations and governments to offer their employees low-cost home computers and Internet access and later developed partnerships with Vivendi Universal, "The New York Times", Blue Cross Blue Shield, and the National Trades Union of Singapore. PeoplePC donated internet access to low-income families through President Clinton's ClickStart initiative, and provided both computers and computer training to economically disadvantaged students through its PeopleGive program.
   The Group also has good relations with Anthony Salim. Salim Group had been indebted when Para Group helped save Bank Central Asia, which was then hit by a financial crisis. With the Salim Group, Para Group partners in working on projects in Batam and Singapore. With Sinar Mas Group, Para Group also partners in the Mega Life life insurance company.
   In May 2010, the company raised $1.2 million of seed money in a financing round led by RRE Ventures.
  
  In 2012, the company was acquired by Braintree for $26.2 million.
  
  In December 2013, PayPal acquired Braintree for $800 million.
   In February 2011 PayPal unbanned the account of a website that supports Iraq War resisters after it had enough information to fulfill its know your customer guidelines. The Chelsea Manning Support Network claimed the backdown was a reaction to a petition to the company to reinstate the account.
   On Windows clients using built-in PPTP, it is recommended to disable IPv6, File and Printer Sharing for Microsoft Networks and Client for Microsoft Networks because these features may disclose information. Using OpenVPN instead has no such issues, and provides full native IPv6 connectivity.
  
  OpenVPN support was added during August 2012.
  
  On July 2013, PayPal stopped providing payment services to Ipredator. In addition, all the organization’s funds have been frozen for up to 180 days.
  
  IPredator's blog states that "PayPal reinstated our account" as of August 26, 2013.
   Now the network is established, it is being used to facilitate the rural networking needs of sectors such as education, health, women, sustainable livelihood programs, finance and agriculture. The operator-assisted facilities are able to directly access web sites using web for mail services, but this aspect is limited by the narrowband. The stations operate sustainably by charging small affordable fees for services.
   People's Bank of China announced in early July 2018 said that regulators will extend a two-year-old nationwide campaign to clean up fraud and violations in the online financial market, targeting P2P and other online lending and financial activities. More than 5,000 operations have been shut down since the campaign began in 2016.
  
  In April 2019, one of China’s top peer-to-peer (P2P) lending platforms, tuandai.com, collapsed, resulting in financial losses for scores of Chinese investors. The platform owners Tang Jun and Zhang Lin surrendered themselves to police on March 27.
  
  Section::::History.:Australia.
   BULLET::::- 1996 – WorldCom acquires MFS on New Year's Eve – 31 Dec. at 11:58 p.m EST for $12.4 billion
  
  BULLET::::- 1997 – Usenet death penalty (UDP) issued against UUNET, and lifted a week later
  
  BULLET::::- 1997 – On 10 November, WorldCom and MCI announced their US$37 billion merger including combining internetMCI & UUNET Internet operations.
  
  BULLET::::- 1998 – The combined MCI WorldCom opens for business on 15 September after being given the go-ahead from the DOJ, subsequent to divesting internet MCI.
   BULLET::::- 1998: Over 4500 websites on the ihug homepages' server were deleted after the machine was hacked.
  
  BULLET::::- 1999: Then owners Nick, Tim and John Wood were listed on the annual National Business Review Rich List, with an estimated combined wealth of $75 million.
  
  BULLET::::- Ihug launches ihugPhone, VoIP-based toll bypass and post-paid calling card voice services
  
  BULLET::::- 2002: ihug appoints Martin Wylie as CEO to find a buyer of the company.
  
  BULLET::::- 2003: ihug bought by iiNet for NZ$82 million.
  
  BULLET::::- 2004: ihug purchases Wave Internet and PC Connect, gaining 10,000 Waikato and Bay of Plenty customers.
   Section::::Partnerships.
  
  As of 2015, WePay was used by over 1,000 businesses and nonprofits. The company has worked with Apple Pay and Android Pay to enable customers to transact those forms of payment.
  
  Section::::Movements.
  
  The founders of WePay made an unexpected appearance at PayPal's 2010 developer conference in San Francisco, California. The stunt involved dropping a 600-pound block of ice filled with hundreds of dollar bills. The statement was that PayPal freezes your money and that better payment processors exist.
   In 2012, as part of the company's Corporate Social Responsibility drive, Big V Telecom established the Call Anna virtual contact centre for anti-corruption activist Anna Hazare during the Indian anti-corruption movement in 2012.
  
  Big V Telecom has partnered with Western Central Railways for providing the 131 railway enquiry number. The firm is also partnered with BSNL for providing Value Added Services for Maharashtra.
   PayPal is available in Israel but is not available in the Palestinian territories. Nor can Palestinians working in the West Bank or Gaza access it but Israelis living in settlements in the West Bank can use PayPal. This discrepancy has prompted Palestinian tech companies to seek a policy change from PayPal.
  
  Section::::Services.:Global reach.:Japan.
  
  In late March 2010, new Japanese banking regulations forced PayPal Japan to suspend the ability of personal account holders registered in Japan from sending or receiving money between individuals and as a result are now subject to PayPal's business fees on all transactions.
  
  Section::::Services.:Global reach.:Pakistan.
   In December 2010, Mastercard blocked all payments to WikiLeaks due to claims that they engage in illegal activity. In a response, a group of online activists calling themselves "Anonymous" organised a denial-of-service attack; as a result, the Mastercard website experienced downtime on December 8–9, 2010. On December 9, 2010 the servers of Mastercard underwent a massive attack as part of an Operation Avenge Assange for closing down payments of whistleblowing platform WikiLeaks. According to several news sites, security of thousands of credit cards was compromised during that attack due to a phishing-site set up by the attackers. However, Mastercard denied this, stating that "cardholder account data has not been placed at risk". WikiLeaks spokesman said: "We neither condemn nor applaud these attacks." U.N. High Commissioner for Human Rights, Navi Pillay said that closing down credit lines for donations to WikiLeaks "could be interpreted as an attempt to censor the publication of information, thus potentially violating WikiLeaks' right to freedom of expression".
   BULLET::::- On December 4, 2010, eBay subsidiary PayPal decided to freeze the account of WikiLeaks citing terms of use violations over the publication of leaked US diplomatic cables, inviting allegations that PayPal did so in response to US government pressure. In response, a hacker group called Anonymous launched denial-of-service attacks against the main PayPal site.
  
  Section::::Other eBay controversies.:Ebay Motors class action lawsuit.
   Although typical fail-safes come into play for worst-case scenarios, such as the $3,000 limit per week on Venmo transactions, financial institutions themselves may notify their customers of theft and fraud. P2P payment applications, as third party intermediaries, typically deflect responsibility to the banks and financial institutions who actually hold and process the user's transactions and funds.
  
  Section::::Main players in the U.S. market.
  
  BULLET::::- Venmo (owned by PayPal), which specializes in providing quick, convenient transactions between friends through a mobile application
  
  BULLET::::- PayPal, which specializes in assisting secure transactions with anyone through a mobile application, online site, and custom URLs
   In the Democratic Republic of Congo, Wanbao holds a stake through its Wanbao Resources subsidiary in Feza Mining, which founded in 1997 is one of the longest established Chinese industrial installations in the DRC. Feza Mining is a partnership between Wanbao and COMIDE, which itself is a joint venture between CICO and Gécamines. Shareholders in Feza Mining include many in the DRC political leadership and Israel-based DGI International Ltd, an investment holding vehicle of Dan Gertler, an Israeli billionaire with numerous DRC and African based mining investments. Feza Mining's assets include a Likasi, Katanga-located smelting foundry and a polymetallurgical plant opened in 2005 at Shituru. The southern African branch of the Open Society examined the operations of Feza Mining and found the company to have longevity as an investor in staying the course while many other smelters left during the 2008 financial crisis, but on the other hand ridiculed the company for very shabby furniture and offices.
   Because of declining profits and mounting debts, Western Union slowly began to divest itself of telecommunications-based assets starting in the early 1980s. Because of deregulation at the time, Western Union began sending money outside the country, re-inventing itself as "The fastest way to send money worldwide" and expanding its agent locations internationally.
   In 2010, AT&T announced the migration of all former Worldnet-based accounts to AT&T Dial, AT&T High Speed Internet, AT&T Pre-Paid Internet or a standalone portal or e-mail service. Between April 5 and April 15, 2010, all WorldNet accounts that had not been migrated were suspended.
  
presuppositions: Old financial companies should die when new companies come into being. Western Union can be replaced by PayPal and Venmo
corrections: Old companies provide services that new companies do not. People will still use Western Union since they deal with cash instead of Paypal and Venmo.
raw_presuppositions: Old financial companies should die when new companies come into being. Western Union can be replaced by PayPal and Venmo
raw_corrections: Old companies provide services that new companies do not. People will still use Western Union since they deal with cash instead of Paypal and Venmo.