BARCELONA: PayPal has ambitions for its payments platform to be used as a white label service for businesses looking to embrace e-commerce and digital payments.
Dan Schulman, chief executive and president of PayPal, outlined plans for the company to extend the reach of its payments services in the form of platforms.
“We’re trying to build out a full platform to allow merchants and other partners to write applications and use the PayPal platform in an unbranded [and] white label way to power their applications,” he said.
“Of course, we bring 180 million people using the PayPal wallet to open up that platform, but this is a full robust platform for use with partners in a retail or carrier environment.”
Such a platform will offer access to PayPal and partner Braintree’s tokenisation secure purchasing service, along with the back-end infrastructure that supports the consumer-facing side of online and digital payments.
Schulman also highlighted how PayPal is building out its own customer-facing service to become more of a platform than just an easy way to make secure online and digital payments.
“We’re expanding our consumer platform considerably because consumers are asking us to do so. We are going to allow more types of funding to come into the platform,” he said.
PayPal will also look at allowing users to put some of their salary into PayPal, as well as cash cheques and carry out peer-to-peer transactions.
More functionality will be added to the consumer platform, such as budgeting features and the ability to create sub-accounts to a main PayPal identity to allocate and allow others to use a portion of their funds on the platform.
The mission to extend PayPal’s reach follows the launch of a partnership with Vodafone to enable PayPal to be used with smartphone payments with the Vodafone Wallet and Visa contactless payment terminals. The rollout of the service will start in Spain and then extend to the rest of Europe.
Shulman also highlighted changes to the PayPal iOS and Android apps to allow biometric security, and revealed plans to enable near-field authentication in Australia and the US later this year.
“We believe it's very important that multiple point-of-sale [PoS] technologies are supported by our platform as opposed to only one because most merchants have technology considerations and PoS [systems] and we need to recognise that reality,” he said.
Moving from a payments service to an e-commence and digital platform has been on PayPal’s radar for some time, particularly after acquiring mobile payment firm Paydiant for $280m in a move to challenge Apple Pay and Google Wallet.
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