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Morning briefing

PayPal posted third quarter results showing profits of $300 million in its first earnings report since its separation from eBay earlier this year, but said that continued foreign exchange swings had hampered earnings. The Financial Times reported that PayPal's take from its payment processing dropped to an average of 3.24 percent from 3.39 percent. That drop was in contrast to a rise in income from the working capital programme, which lends out $100 million monthly.

Germany is planning to implement a 2014 EU directive that would make it possible for anyone to open a bank account, in a move aimed at integrating new migrants. Currently, people seeking an account must have identification or proof of residency, which is preventing the hundreds of thousands of new migrants arriving in the country from being able to open an account, reports Finextra. The new law will allow anyone to "open accounts at any bank, and make cash withdrawals, card payments, direct debits and money transfers".

Mastercard, which as recently as last year said that the speed and safety of digital currencies did not compare to established systems, has decided to invest in bitcoin incubator Digital Currencies Group, reports Forbes. Insurance company New York Life, venture capital firms TransAmerica Ventures and Bain Capital Ventures, and Canadian bank CIBC also joined in DCG's funding round. DCG, which is run by Barry Silbert, says it has investments in 18 different countries. Silbert said that bitcoin was still a long way from being a functioning currency but as it was traded more and became more liquid, it would gain traction as "a real alternative to the existing money transfer systems in the world today".

A new report by Goldman Sachs notes Amazon's contention that India will become its second-largest e-commerce market after the US, reports ETRetail.com, and could top $100 billion by 2020. "Higher growth in this space is due to the higher-than-expected internet and smartphone penetration, digital wallet adoption, last-mile logistics investments, continued discounting and better execution," analysts Rishi Jhunjhunwala, Venkat Surapaneni and Piyush Mubayi wrote in the Goldman Sachs report.

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