PayPal recently announced that its eCommerce platform is available to all businesses of all sizes on the market, as PayPal’s COO Bill Ready said : “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.”
This new tool will provide businesses with the ability to design and build their own payment solutions while not sacrificing accessibility for customers around the world. The tool also comes with a built-in fraud protection based on machine learning and AI technologies, so users can rest assured that their transactions and their money will be mostly safe. Although this functionality has been used by Instagram and Facebook for the past few years, Paypal wants to change worldwide digital commerce landscape by combining technologies and services that businesses need to succeed.
PayPal wants the platform’s expansion to satisfy the specific needs of businesses and marketplaces across the internet. In their statement, PayPal said their Commerce Platform will :
- Enable Growth : help businesses grow and scale globally with an active user base of over 277 million users and over 100 currencies allowed on PayPal.
- Minimize Complications : support businesses to meet the ever-evolving demands of local regulators across more than 200 different markets.
- Provide Security : offer advanced protection tools powered AI and machine learning technologies based on trillions of transactions and petabytes of data.
- Support Payment Solutions : allow many payment services that can help businesses such as mobile POS and consumers’ credits for purchases.
PayPal’s Commerce Platform has the potential to be utilized for various purposes. For example, platforms like Facebook Marketplace or eBay are already well-established in the second-hand eCommerce markets, which have remarkable revenue growths. Paypal can provide smaller businesses the ability to recreate the experiences similar those platforms, but on a smaller, local scale. For instance, an used electronics marketplace can sell its products specifically to the Washington area through a platform that is flexible, stable and user-friendly. Businesses can also use the platform to setup payment services in a crowdsourced education website like Udemy or Skillshare, where users can create their online courses for other users to study particular skill sets.
Overall, this tool’s purpose is to simplify many complicated aspects of eCommerce for small to medium businesses to create their own marketplace, while providing protection for all the marketplace owners.
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