Pic Credits: Business Insider
PayPal’s Growth During the Pandemic
A lot has changed over the past six months. Now that people are staying at home, more people are relying on digital transactions. Could it be that the future is now? Now that we are highly encouraged by health agencies to stay at home to prevent the spread of the virus, people have relied on digital transactions to meet their needs.
According to the latest data, online purchases increased during the pandemic. Whether it’s food delivery or your regular shopping experience, many bought products at the comfort of their home.
And with the growing number of online purchases, we’ve seen a significant increase in digital payment adoption among businesses. Those businesses that used to operate traditionally had no other choice but to try to offer their products and services digitally.
PayPal Becomes More Relevant Than Ever
Different countries purchase products and services differently. Some countries prefer to use credit cards and digital wallets while some prefer to use their debit cards. On the other hand, there’s PayPal.
PayPal CEO Dan Schulman believes that their company was able to accelerate the transition from physical to digital in different industries. While other companies are struggling to break even, PayPal has recorded a 22% jump in its revenue during the second quarter of the year.
PayPal added 70 million users throughout the pandemic. To give you an idea just how big this number is for PayPal, the number of new users from 2017 to 2019 was at 76 million.
Why Choose PayPal?
Why choose PayPal? For starters, PayPal is convenient whenever you are going to buy anything. You won’t have to enter your card details every time. And also, though a credit card is better than a debit card in terms of security, PayPal offers an extra level of protection on your credit card. Now that people are mostly doing online transactions, you can’t be too careful.
On top of that, you also get buyer protection from PayPal. If the item doesn’t meet the seller’s description, PayPal can reimburse the payment to you. And it’s not just the price of the item but even the shipping cost. It can cost up to $20,000 per item.
As the COVID19 pandemic rages on, different industries have relied on their internet connection and available technologies to be able to adapt and at the very least break even. While delivery services such as UberEats and Postmates have become a staple among people on quarantine, some businesses have closed and are having a hard time to go digital. Many restaurants already closed given the decreased seating capacity to maintain social distancing.
In reality, we don’t see the pandemic ending soon. Though there are vaccines that are now in Phase III, we may be going to spend Christmas and New Year doing social distancing. It’s a reality that we all have to face.
Though some countries haven’t adopted PayPal such as Pakistan, a lot of countries enjoyed the perks of PayPal. It’s a great option that can protect consumers and even minimize online theft.