One of the most important developments for the company this year – PayPal has formed an alliance with Razorpay. This alliance holds significance for the users, especially in the pandemic situation. The lack of integration between digital payment platforms often leads to hassles for business users. This tie-up is likely to make things better for companies that operate overseas. From now on, businesses that use the service can accept payments from consumers in 200 regions. This will provide for secure transactions and reduce processing time. This will also benefit small size entrepreneurs who face hassles in getting bank eligibility.
The increasing use of PayPal is a global trend. In Europe, the UK is where the service is used the most. In 2019, the number of active PayPal users in the UK reached 330 thousand, followed by Germany and France, with 312 and 96 thousand daily users respectively. PayPal’s success and growth in Europe can be attributed to the fact that the payments across country borders are performed smoothly. For more News on PayPal earnings, visit PayPal news section on PaySpaceMagazine.com.
Infinicept, a leading payment infrastructure platform, reports that in worldwide gross payment volume, payment facilitators are going to process over $4 trillion by 2025. The facilitators mostly operate on the SaaS model, PayPal and Stripe being two popular examples. Still, payment facilitators have to adhere to numerous norms and changing laws – this includes KYC and AML, as well as specific card brand rules. Businesses are now more open about using payment facilitators, and do not need to apply for individual merchant accounts. Merchants can access their master accounts with personal Merchant IDs.
Among other development this year, Change the World by the Fortune magazine lists companies that have lasting positive social impacts. Contribution of the businesses into improvement of the societal situations was analyzed, and the first spot was given to a joint forum of Covid 19 vaccine makers. Alibaba comes in second, followed by PayPal. Accordint to Fortune, Alibaba played a major role in mobilizing global infrastructure to supporte diverse communities in the lockdown situation. And PayPal contributed by safeguarding its staff from pandemic-induced pay cuts. Other big players that made it to the list are Alphabet, Microsoft, and Mastercard.
With the evolvement of online technologies, digital payment solutions have evolved. This has made things easier and better for end-users. As a secure online payment gateway, PayPal has played a major role in driving the shift to online payments. It has been the favourite one for business users in particular – PayPal payment gateways are secure and paying / receiving money online is a hassle-free experience. Even the online casinos rely on the platform.
In a development that is going to make online payment experience better and smoother – Visa has extended its tie-up with PayPal, and small business and individual users will benefit from this. The global white label Visa Direct pay-out services can be extended by PayPal, as a result. Visa said on its part this expansion will make it easier for millions of people to send or receive money from distant locations. This will also aid the small ventures a lot. According to the recent statistics, Visa Direct P2P payment volumes have been growing consistently.