How is PayPal Still the Top Payments Service After 20 Years?
PayPal is, hands down, the best online payments solution in the world today. In fact, it was one of the first companies to provide online payments as we know them today.
Looking at PayPal two decades after its launch, there have been many impressive achievements by the company. For example, they have over 240 million users today, who transfer billions in payments every year.
For more PayPal statistics and history, check out this incredible infographic about PayPal.
This success story means that millions of people can’t imagine their life without PayPal today.
In fact, if you aren’t using Visa or MasterCard, PayPal is probably your preferred method of payments online, statistically speaking.
PayPal Technology: Behind the Scenes
Without the top-class modern technology backing it up, PayPal would be impossible.
So, they use more than a few technological solutions to stay at the top, including:
- Automatic financial data collection and processing
- Security solutions for safety and confidential transfers
Quick transactions were also responsible for PayPal’s success. They have dramatically reduced the times that online payments took in the past.
They have managed to achieve instant payments and provide them for millions of users every day. This is done with automatic financial data collection or usage. Therefore, the funds travel between the sender, the recipient and their banks very swiftly and without much effort.
The service is also valued for its security of information. This is achieved via several technologies and platforms that protect all the data necessary for each payment. A few examples here include PowerCenter and Informatica MDM.
Constantly Offering New Solutions and Product Updates
Having been in the industry for two decades, PayPal had to change and update quite a bit.
In fact, they’re doing it to this day. They buy up new companies who offer promising services or develop new platforms and apps.
This allows the company to increase their global reach and coverage even further.
Therefore, PayPal now has several other payment providers, apps and technologies under their name, including brands you might have heard of:
- Plenty of others too
They also frequently collaborate with other companies to improve their platforms or add additional services. Such is the case of Secure Card, which was launched in collaboration with MasterCard.
PayPal Mobile Services
The most reliable e-payment service can also be used just as easily and safely on mobiles. The aforementioned Venmo, for example, is a mobile app with the PayPal platform behind it.
PayPal itself has apps dedicated for all kinds of mobile devices, tablets and iPads. So, users can send and receive payments with all the functionalities available on PCs and laptops.
This should be evident from the countless mobile sites where payments are accepted. They can range from simple mobile e-shops to mobile PayPal sites.
So, PayPal remains at the core of online payments around the world. It clearly has managed to respond better to the demand of users online than other companies and create an impressive piece of technology doing it.
How Does PayPal Work?
PayPal has come a long way and is now much more than just a digital payment solution.
It processes online payments between customers, businesses and merchants. Using the platform provided by the company, you can:
- Send funds to your family and friends (new feature)
- Pay merchants online and at e-shops for items and services
- Transfer the funds of your company
In short, PayPal is a versatile way of online transfer of funds, whatever your goal may be.
Customers can also choose how they pay. They can use their bank cards and other services via PayPal platform or use a separate PayPal e-wallet.
TL;DR – 20 years of data, experience, effective technologies and constant improvements have kept PayPal as the leader of e-commerce.