PayPal is not pursuing an acquisition of Pinterest at this time, the online payments provider said on Sunday, responding to market rumors.

Earlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for US$45 billion, or about $70 per share, mostly in stock.

Pinterest did not immediately respond to a Reuters request for comment outside of business hours.

• Reporting by Juby Babu in Bengaluru; Editing by Anil D’Silva, of Reuters.