PayPal launched a commerce platform today, but it isn’t competing with eBay (or other marketplaces). Rather, it’s a solution for marketplaces, ecommerce solution providers, and crowdfunding platforms, including Facebook Marketplace and BigCommerce.
What’s new is how PayPal is bringing its services together to make it easier for ecommerce and mobile platforms to use all of them. Being able to fight fraud and stay in compliance with numerous and growing regulations like GDPR and Open Banking seem to be two of the biggest selling points.
The PayPal Commerce Platform is 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. The PayPal Commerce Platform gives nearly any business access to a flexible, customizable platform that:
- 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.
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 – including, BigCommerce, Facebook Marketplace, Grailed, Instagram, Lightspeed, Prestashop, Shopware and Yahoo! Small Business – will utilize this trusted network through the PayPal Commerce Platform.
We find it interesting that the launch of the PayPal Commerce Platform comes as Amazon is moving more aggressively to expand its payments solution, Amazon Pay, outside of its own platform.
Check out the full announcement on the PayPal blog.