paypal: Cross-border selling is our priority for small businesses in India: PayPal

The digital payment company PayPal has reiterated its interest in selling cross-border and facilitating purchases from merchants all over the world, especially SMEs.

In a media interaction Wednesday, Jim Magats, SVP – Omni Payments, PayPal said 16% of its volume comes from cross-border sales. “We try to facilitate the processes by taking note of various aspects such as working capital, easily getting tools for small businesses so that they can sell more and allowing customers of such businesses,” he said. he declares.

Elaborating further on how the phenomenal growth was seen in small businesses during the pandemic on the platform, Magats added that helping these businesses go digital has become even more important. “Before the pandemic, we were adding 8,000 traders per day to our ecosystem. Over the past year, this has grown to approximately 16,000 merchants per day added to our platform. Putting in place tools that can help small businesses sell across different channels and gain easier access to customers is a major goal for us, ”he said.

PayPal offered initiatives earlier this year to give the MSME sector a boost. In April of this year, the company partnered with to provide freelancers, women entrepreneurs and MSMEs with unsecured business loans. The partnership aimed to provide MSMEs with working capital to expand the business, purchase inventory, inventory and other business-related expenses.

In May, the online payment company implemented an automated process to obtain the monthly Foreign Inward Remittance Advice (FIRA). This would not require sellers to place manual and individual requests, thus reducing the time required to complete the documents. This initiative aimed to help Indian exporting MSMEs to develop their activities internationally.

Looking further into PayPal’s strategy for MSMEs, Magats said the goal is to create an omnichannel experience for small businesses. “We want to make it easier for SMEs to navigate the commerce platform in an omnichannel world. This includes enabling new solutions such as QR for their convenience, ”he said.

Responding to a question about the whereabouts and privacy of the data, he pointed out that the company does not share the data or take it for its own use. “We are extremely aware of privacy and data protection. We do not share data or use it inappropriately and we do not compete with our customers, ”he said.

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