PayPal is new money, says the online payment platform

A global study says PayPal has emerged as the preferred payment option for Indian millennials doing cross-border shopping

BestMediaInfo Bureau | Mumbai | August 25, 2015

The PayPal and IPSOS Cross Border 2015 Millennials report, a global study conducted by the online payment platform and the independent market research company, revealed that 86% millennials doing cross-border shopping preferred PayPal as a payment method.

The study that spanned 23,000 consumers and 29 markets across the world gives a picture about the buyer behaviour in millennials. Based on the survey findings, PayPal is all set to roll out a series of promotions and programmes, especially targeted towards millennials to drive the message that 'PayPal is new money'.

Aupam Pahuja

“At PayPal, we are focussed on enabling digital payments in a safe and secure environment. New Money by PayPal caters to the millennial audience, encouraging them to 'Switch to New',” said Aupam Pahuja, Country Manager and Managing Director, PayPal India.

PayPal has launched a new business feature PayPal.me, which is aimed at freelancer services, casual sellers on social media platforms and for b2b sellers.

Speaking about the new feature, Pahuja said, “When people go to get a photocopy, they usually use the term Xerox, which is actually the name of a company. So the same was happening with PayPal. People would say 'PayPal me the amount', it became a verb and we got the idea from there. PayPal.me is like a vanity plate. It will allow one to have their own private url. “

“PayPal.me offers a quicker and on-the-go facility for the freelancer segment to receive payments. Interestingly, a safer payment option takes priority over all other factors, including discounts, which makes us a preferred payment option with our focus on risk and security,” he added.

PayPal customers can now create a PayPal.me link for receiving international or cross-border commercial payments with their existing PayPal account. This link with the amount appended can be shared with customers to request payment. For example, merchants can use PayPal.Me/MerchantName/45 to ask for $45. The payees can click on the link, log into PayPal (or create a new PayPal account) and complete the payment. The funds will then be transferred to the receiver's account.

Pahuja said their focus and key customer base with the new feature will be small businesses. Commenting on competition, Pahuja said right now for PayPal competition was not other online payment platforms but the culture of cash transactions.

PayPal insights 2015-INDIA Millennials Report 

Info@BestMediaInfo.com

Info@BestMediaInfo.com