PayPal has launched PayPal for Business, an app for small, medium and freelancing merchants in India to manage their domestic and international payments. These merchants will have access to:

  • Sales insights — comparative year–on–year performance, number of transactions, average order value
  • Professional invoicing — create, draft, preview and send invoices
  • View and accept payments in multiple currencies globally, and also issue refunds

The app is specifically aimed at the large number of freelance merchants as well as small merchants going online for the first time, especially through mobiles.

The payment gateway company claims that it has a 44% higher checkout conversation than other payment methods (2016).

Q2 2018 financials and user base

  • In July, we reported that PayPal had 244 million active customer accounts (of which 19.5 million were merchant accounts) for the quarter ending 30th June 2018 (Q2 2018).
  • It had added 7.7 million net new active accounts for the quarter.
  • PayPal also reported $3.86 billion in revenues in Q2, up 22% year-on-year.
  • PayPal processed $54 billion in mobile payment volume, representing 49% growth year over year in the quarter.

Shopify partnership in India

Last month, PayPal tied up with Shopify to make PayPal the preferred payment payment option for merchants on Shopify. Shopify claims to have 600,000 businesses across 175 countries on its platform. Facebook was also testing a ‘buy’ button for its platform through Shopify in 2015. 

Our PayPal coverage here.