Payments is a competitive market becoming even more competitive as new technologies like mobile draw an increasing number of companies into the race to provide alternative payment methods. The fierce competition is forcing incumbents to operate more efficiently.

Take PayPal, for instance. Reuters is reporting the company is planning on cutting up to 400 employees, or approximately 3 percent of the company's approximately 13,000 employees. The reductions are an effort to streamline PayPal's operations, Reuters reports.

According to the story, new company president David Marcus is looking to make PayPal more efficient, especially in bringing new products to market. Marcus is a mobile payment veteran who came to PayPal from direct carrier biller Zong when it was acquired by PayPal last year for $240 million. 

For more stories like this, visit the mobile/digital wallet research center.