Mobile Payments Leader PayPal Poised to Show New Platform at Money 2020 Show
PayPal has made enormous strides in the mobile payments sector over its lifetime. Some would even say it was one of the first mobile payments firms around. Regardless of what pride of place you put on it, it’s still a major name, and it’s been working hard to ensure that its name stays on customers’ lips. To that end, PayPal recently tipped us off about the launch of its new PayPal Commerce Platform at the Money2020 show in Europe.
The PayPal Commerce Platform is a business-to-business (B2B) platform that provides new tools for a range of potential users. Whether it’s crowdfunding operations, e-commerce tool providers, or other firms that connect to the mobile payments landscape, the PayPal Commerce Platform looks to provide an extra edge for them.
The platform itself provides simple tools to address several key functions. First, it allows for faster and easier growth worldwide, since it allows a direct connection to the 277 million active PayPal users currently in play, as well as the ability to accept over 100 different currencies. Second, it provides an edge in terms of compliance; laws can be tricky when going from one country to the next, but the PayPal Commerce Platform helps fill the gaps and smooth the surface. Third, a set of “advanced risk and fraud tools” offer an extra measure of security, allowing for greater user trust. Finally, “end-to-end payment offerings” are on hand as well, opening up such useful functions as consumer credit and business financing.
What this platform will, hopefully, do is open up a whole new range of use cases for mobile payments, which is almost but not quite as important as mobile payments security in terms of getting users in the fold. We need more places that will take Apple Pay and the like—though admittedly, Samsung Pay works just about anywhere that takes credit cards—to really get this concept going. Businesses also need to learn firsthand the benefits of mobile payments, especially when loyalty programs are incorporated therein.
The PayPal Commerce Platform could be one serious step forward in advancing mobile payments, but it’s clear we’re going to need plenty of other steps as well to make this field all it can be.