PayPal has big plans for helping merchants worldwide and shared its vision at a media event on Thursday. The news coming out of its “Commerce: Rewired” event includes a new partnership with ecommerce platform Bigcommerce and with Chinese financial firm UnionPay.
PayPal partnered with Bigcommerce on an integration that connects Bigcommerce’s ecommerce platform with a suite of payment services and tools from PayPal, including support for digital wallet payments both online and on mobile, consolidated business management tools and automated fraud protections.
Bigcommerce merchants will also get access to PayPal’s One Touch for web and mobile, enabling shoppers to pay across more than 90,000 online stores in a single touch, without needing to enter user IDs or passwords after their first login. The newly-released payment option will be made available to all Bigcommerce merchants in the United States in the coming weeks, with international rollout expected later this year.
PayPal is also collaborating with UnionPay International “to provide Chinese cross-border shoppers with a more robust lineup of global merchants on the UnionPay Shop The World website, and fewer steps to complete their transactions via UnionPay Online Payments.”
That’s in addition to a new service it also announced at the event called PayPal China Connect, which links Chinese consumers directly with its network of global merchants. PayPal revealed that about a quarter of its total payment volume involves cross-border trade.
PayPal also announced it’s expanding its PayPal Credit offering, explaining: “In January, we announced Easy Payments with a pilot partner, so shoppers can divide larger purchases into predictable monthly installments and today, additional merchants, including Shop.com, will begin offering Easy Payments, giving shoppers greater visibility into their finances and helping them better manage their budgets.”
PayPal also announced during Thursday’s event it has extended its One Touch checkout experience; completed the national rollout of the PayPal integration in the BURGER KING app; and launched the PayPal Business Challenge – “enabling our employees to invest 10% of their work time to help local businesses and non-profits grow and scale.”
PayPal President Dan Schulman shared his vision PayPal’s Commerce: Rewired event in San Francisco, and recapped it in the PayPal blog. “PayPal spans the entire digital financial universe – from payment processing to digital wallets, merchant accounts to peer-to-peer money transfers, single touch transactions to credit for consumers and merchants, and from risk analysis and fraud prevention to regulatory compliance,” he said.
He also said PayPal built its platform around principles that align PayPal’s interests with the interests of those it serves. “We succeed when our customers succeed. We grow when we make it easier for people to move and manage money and connect to the things they value. We thrive when we help merchants deepen their knowledge of their customers while respecting their privacy.”
More information about Thursday’s announcements is available on the PayPal blog.
