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2020 Was An Exciting Year for Paypal

PayPal has opted for a tie-up with Razorpay in a new development. The move is strategic in the pandemic situation that has prompted people to embrace digital payments in an unprecedented manner. This collaboration will make things better for people and businesses that rely on online transactions.

Now, the businesses will be able to get payments from the consumers in almost 200 regions. This will facilitate secure payment and reduce payment processing time. The PayPal and Razorpay collaboration will be a bliss for those small entrepreneurs who fail to clear bank eligibility checks. More detailed discussion of Paypal Results 2020 are available from PaySpace Magazine.

The usage of PayPal is on the rise, globally. It is the highest used online payment system in the UK. At least 330,000 daily active users in the UK used the online platform last year. Germany with 312,000 daily active PayPal users comes a close second. At the third spot is France with over 96,000 people using the app per day.  As a matter of fact, these 3 countries serve as the largest e-commerce markets, in Europe. The other European countries also report a rise in the use of PayPal. The top contender is Sweden, while countries like Finland are lagging far behind.

Infinicept, the noted payment infrastructure platform opines that the payment facilitators are likely to process as much as $4 trillion by 2025, through global gross payment volume. What this means is these institutions may jointly generate transaction revenue worth of $15 billion in the next few years. The impact of these payment facilitators on the financial market is tremendous.

However, it is a fact that these entities cope with several operational hurdles. They cope with various legal regulations, card brand rules compliance. Then there are usual KYC and AML verifications. The Payment facilitators cater to merchants and ease merchant account enrolment. Majority of the service are SaaS businesses. Two popular services are PayPal and Stripe. There are 3 types of payment facilitators – Commerce platform providers, Independent software vendors, and Marketplaces for a set of sub-merchants.

Fortune magazine recently unveiled its ‘Change the World’ list. This list includes companies that produce positive social impact. The listing is done after assessing the durability, type, and reach of the company’s impact on certain social issues. The assessment also takes into account aspects like the efforts’ uniqueness, business results, and integration with the overall strategy.

Numero Uno slot was occupied by an alliance of vaccine makers seeking a solution for COVID-19. Alibaba won the 2nd spot and it was followed by PayPal. The former won points for mobilization of worldwide infrastructure to support a number of communities coping with the pandemic. PayPal saved its workforce from pandemic induced pay cuts. The other top players that made it to the list are Mastercard, Microsoft, Alphabet, Walmart.

In the last few years the adoption of digital payment has shot up among the masses. While the popularity of digital wallets is evident, business merchants rely more on services like PayPal. So its importance in the arena of online payment is undeniable, as it provides businesses with a number of advantages:

  1. Advanced security through robust payment gateways.
  2. Making payments online is fast and hassle-free. The UI is smooth and there are no delays.
  3. PayPal has an established reputation, and companies that use it easily win the trust of consumers.

In a new development, Visa and PayPal has collaborated and this brings a win-win situation for the consumers. The Instant Transfer service of PayPal is now available to the global markets. The small businesses will gain a lot from the extension of the tie-up, for sure. The move will make things better for entities that rely on web-based transactions in the pandemic situation.

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