Small businesses will soon be able to take advantage of the same online shopping infrastructure as Instagram and Facebook, as PayPal has announced the launch of a new e-commerce platform. The new platform will combine existing elements of the company's payments business, including allowing merchants to accept money online and pay customers through PayPal. However, small businesses will also have access to PayPal's back-end systems, such as fraud protection, compliance, and account authentication. Small start-ups would find it difficult to build these systems themselves because of the cost, which is why the company is opening up its small business e-commerce platform. Currently, Instagram Checkout and Facebook Marketplace are already running on PayPal's platform, and small businesses will soon be able to take advantage of the same back-end tools and services.
The expansion of PayPal
PayPal's business already consists of online partners and marketplaces, and the company has grown well beyond online payment since its spin-off from eBay in 2015. In his latest earnings call, company COO Bill Ready , said PayPal's top 20 markets had grown 40 percent over the previous year and had nearly reached $90.000 billion. dollars in volume last year. The new business platform will also include other back-end processes such as integration, payment and litigation management, fraud protection, and AI fraud. Machine learning. Ready explains why PayPal has decided to open up its eCommerce platform for small businesses, saying, "We're realizing our vision of open commerce and partnering with PayPal's Commerce Platform: Powering Commerce to enable more businesses and more people to enjoy the benefits of the digital economy. When I think about the world I want to wake up to in a decade, I don't want there to be a place to shop online. I want to wake up to a world where there is an ecosystem of dynamic, dynamic, and diverse merchants, sellers, entrepreneurs, and businesses of all sizes. We want to help more businesses start, grow and thrive in today's complex digital world." PayPal's eCommerce platform will be available for the first time in the US, UK and Europe, but the company plans to expand across the other markets where it operates.Through CNBC