PayPal announced it has launched a new payment product that was made specifically for marketplaces, platforms, and crowdfunding portals.
PayPal has long served marketplaces — from its origins with eBay to Uber and Airbnb — but until now, we’ve supported these customers with a variety of different solutions. Today, we’re excited to share that we’ve launched PayPal for Marketplaces, an end-to-end global payment solution that can help businesses harness the capabilities of the world’s best known marketplaces.
PayPal for Marketplaces is a comprehensive and flexible payment solution for businesses accepting and disbursing funds from ride sharing and room-rental platforms, to online crowdfunding portals, the firm stated.
Marketplaces have become the center of ecommerce activity. Today, more than half of consumers who shop online are making purchases on marketplaces, and global marketplaces are expected to own nearly 40 percent of the global online retail market by 2020.
PayPal, which was created during the last internet boom is now valued at around $84 billion and recently reported a better-than-expected profit in its latest quarter.
In the busy battleround of the payment business, if its success will continque PayPal could join a handful of companies from the dot-com era that have emerged years later to tower over industries, according to analysts.
Find out more here.