PayPal gets on overdrive

25 Aug,2016

 

By Anuka Roy

 

Video Interview by Santosh Jangid

 

PayPal in partnership with IPSOS launched the PayPal Cross Border 2015 Millennial report on Wednesday. Backed by the findings of this report and the focus on the millennial segment, PayPal India launched ‘New Money’- PayPal’s vision for money, payments and commerce that paves the way forward for its consumers and merchants in India and PayPal.me, a personalised option for merchants to receive cross-border payments.

 

The PayPal and IPSOS Cross Border 2015 Millennials report evaluates the online and cross-border shopping habits of over 23,000 internet users across 29 countries including interviews of 517 millennials in India. The research maps the evolution of online cross border commerce among Indian millennials. It identifies factors that drive the age group of 18-34 to buy across the border, the problems faced by them and their approach towards making international payments online.

 

“We just conducted a research over many countries around the world including India. Focus of the research was on buyer behaviour of the millennial generation. We found some fascinating results from this report. Broadly speaking, they fall in to three key categories. The first thing we found out that millennial generation in India is extremely bold. They are willing to shop anywhere around the world not necessarily just in India. They are willing to shop in any language. The second area that we identified, that was quite revealing was that this generation is quite tech savvy, they want to shop using mobile phones and tablets. They do not necessarily shop just at home on their computers. Final thing that came across to us was they are not only bold and tech savvy but extremely smart. 84 to 89 % of the cases they are using PayPal as a way to make it happen. It makes sense because PayPal is the only global player that can establish trust across geographies and countries, therefore, they chose to use Pay Pal,” said, Anupam Pahuja, the recently appointed Country Manager and Managing Director, PayPal India on the report.

 

Making online payments has emerged to be one of the most important aspects of cross border purchases. Being a generation that thrives on options, this generation prefers having the choice to pay in a currency of their choice. Keeping the same in mind, PayPal will soon roll out a series of promotions and programs for millennials to experience how New Money means no boundaries.

 

PayPal also announced the launch of PayPal.me for business. PayPal.me is a new business feature, which allows receiving payment via the click of a link in a convinient and personalised way, backed by PayPal’s platform.Pahuja at the press conference said he wants a businessman from Dharavi to a person selling handicrafts in Jaipur to have a smooth business transaction using this platform. But even today there is the nagging issue of internet connectivity in our country, how does this new platform address that? “We do have connectivity issues in India. Whether it is 3G systems or computers at home, the connectivity is always an issue. But one thing I do know about India is we are a very enterprising company, where there is a will, we will find a way. And, for those of us who found this way, we have seen our cross border business grow significantly in India. What we are finding is one out of three dollars that is exported by Indians overseas in the B2C e-commerce spaces over PayPal and the businesses are growing phenomenal for us. So, we are finding our ways around it. I believe the person sitting in Jodhpur making handicrafts or the person in Surat or Dharavi has an ability to sell not only to their local areas through brokers but directly to consumers anywhere in the world. PayPal is the only company in the world that I believe can make it possible,” said Pahuja

 

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