Payments giant PayPal is looking to level the playing field and enable sophisticated digital commerce capabilities for businesses of any size with its new PayPal Commerce Platform.
Announcing the platform in a blog post earlier this week, PayPal said that it connects to the company’s network of more than 277 million users. It offers global capabilities that include the ability to transact in more than 100 currencies and comply with payments regulations in more than 200 markets.
PayPal said that it has designed its platform for businesses such as marketplaces, e-commerce providers and crowdfunding platforms to offer their sellers a comprehensive set of tools and services.
In addition to enabling payments acceptance and flexible payout and disbursement options, the platform also provides access to risk and fraud tools that are powered by machine learning and goes beyond payments to offer business and consumer credit.
Well-known platforms such as Facebook Marketplace, BigCommerce and Instagram already use this PayPal solution, the company said.
“We are at a moment in time where we can finally put the same tech and capabilities in the hands of all businesses regardless of size. We are bringing our vision of open commerce and partnership to life with the PayPal Commerce Platform – to power commerce in a way that allows more businesses and more people to participate in the benefits of the digital economy,” PayPal COO Bill Ready said in the announcement.
In an interview with CNBC, Ready said, “This is a huge and rapidly growing market and we’re looking to go enable much more of that. Sellers are trying to figure out how they can go compete with the very largest online retailers. This is a huge opportunity for them.”
The company is launching the platform first in France, Germany, Italy, Spain, the United Kingdom and the U.S., and plans to expand it to more than 40 markets this year, it said.