PayPal (NASDAQ: PYPL) announced on Monday the launch of its new digital commerce platform. The PayPal Commerce Platform is notably designed to meet the specific needs of marketplaces, e-commerce solution providers, crowdfunding platforms, and more by bringing together the most comprehensive set of technologies, tools, services, and financing for businesses of all sizes around the globe. PayPal reported that the platform gives nearly any business access that offers the following:
Enables Global Growth: helping businesses scale globally and connect with more than 277 million active PayPal users and to directly accept more than 100 currencies;- Simplifies Compliance: we simplify your compliance and help you meet the evolving demands of local regulators across the 200+ markets we operate in;
- Provides Protection: with advanced risk and fraud tools powered by Artificial Intelligence (AI) and machine learning informed by trillions of transactions and more than 50 petabytes of data;
- Powers End-to-End Payment Offerings: access to more payment services that benefit businesses, such as mobile POS, business financing and the ability to offer consumer credit for purchases.
PayPal also revealed that the PayPal Commerce Platform enables these features because of something only PayPal can offer: a two-sided platform that connects 277 million active users including 22 million merchants around the globe. PayPal has built this platform on the trust that exists between buyers and sellers – and has cultivated this trust for the past 20 years. Many of the world’s leading platforms, which includes BigCommerce, Facebook Marketplace, Grailed, Instagram, Lightspeed, Prestashop, Shopware, and Yahoo! Small Business, will be utilize this trusted network through the PayPal Commerce Platform. The company further explained:
“We are at a moment in time where we can finally put the same tech and capabilities in the hands of all businesses regardless of size. We are bringing our vision of open commerce and partnership to life with the PayPal Commerce Platform – to power commerce in a way that allows more businesses and more people to participate in the benefits of the digital economy. I’ve said many times before – when I think about the world I want to wake up in a decade, I don’t want there to be only one place to buy online. I want to wake up in a world where there is a thriving, vibrant, and diverse ecosystem of merchants, sellers, entrepreneurs and businesses of all sizes. That’s our goal. We want help more businesses get started, grow and thrive in today’s complex digital world. It’s that simple.”
PayPal added that the platform is available in France, Germany, Italy, Spain, UK, and U.S., and will look to expand to more than 40 markets by the end of the year.