Bill Ready, EVP and Chief Operating Officer, PayPal

PayPal has announced the launch of the PayPal Commerce Platform, a new solution by the online payment solutions provider. The platform has been designed to meet the specific needs of marketplaces, e-commerce solution providers and crowdfunding platform and cater to PayPal’s already existing customer base with 277 million active users including 22 million merchants around the globe.

The platform brings together a set of technologies, tools, services, and financing for businesses of all sizes around the globe to enable global growth, simply compliance, provide protection and vast array of payment services that benefit businesses. The platform’s features and function also include the ability to directly accept more than 100 currencies, operate in over 200+ market places, advanced risk and fraud tools powered by AI/ ML, and the ability to  access to more payment services that benefit businesses, such as mobile POS, business financing and the ability to offer consumer credit for purchases.

Many of the world’s leading platforms including, BigCommerce, Facebook Marketplace, Grailed, Instagram, Lightspeed, Prestashop, Shopware and Yahoo! Small Business will be utilising this trusted network through the PayPal Commerce Platform.

Speaking about the opportunities of the platform Bill Ready, EVP and Chief Operating Officer, PayPal said, “We are bringing our vision of open commerce and partnership to life with the PayPal Commerce Platform – to power commerce in a way that allows more businesses and more people to participate in the benefits of the digital economy. We want [to] help more businesses get started, grow and thrive in today’s complex digital world. It’s that simple.”

Initially, the PayPal Commerce Platform will be available in France, Germany, Italy, Spain, United Kingdom, and the United States, and will look to expand to more than 40 markets by the end of the year.

by Megha Bhattacharya
Market Analyst at IBS Intelligence