Technology for MSMEs: The US-based digital payment solutions provider PayPal announced its ambition to become a commerce organisation that enables small business to sell online on multiple channels while getting access to customers across borders.
“PayPal is working towards becoming a super app for consumers that will enables us to move from providing just payments to a consumer to offering a much more robust financial services and commerce experience,” said Jim Magats, SVP, Omni Payments at PayPal.
PayPal in India has been focusing on enabling small businesses to buy and sell globally and the idea is to have an integrated app that offers all the services a merchant would need to sell across multiple geographies: setting up the business, curating inventory, cataloguing products, clearing customs, managing returns amongst others. The firm had earlier this year announced its exit from domestic payment services in India to focus on streamlining cross border transactions.
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“We are now looking at offering a small business toolkit to allow sellers to accept payments in store, as well as to create product categories and product catalogs that allow them to basically curate their inventory and to offer those things in a much more seamless manner,” said Magats. He empasised that it is important to offer small businesses these product capabilities so they are able to compete with the larger players.
On newer products, the firm said they are currently enabling solutions such as QR code for merchants to accept payments and risk management tools to eradicate frauds. “A lot of work has been done around risk management to make sure that transactions are being done with the right sellers,” said Magats.
Earlier in May 2021, PayPal introduced an automated process to enable exporters to obtain the document Foreign Inward Remittance Advice (FIRA) from banks that acts as a proof for all inward remittances and payments received from abroad. Additionally, in April of 2021, PayPal partnered with FlexiLoans to provide collateral-free business loans to SMEs.