Introduction
PayPal has diversified its business into financial inclusion, which is the process of giving access to services to people who have not established themselves in the current system. The company is a popular brand name in the mobile payment industry due to its high adoption rate of financial inclusion. The company serves 80% of the population in the United States. The company comprises more than 40,000 online and offline payment partners, and more than 2,200 channel partners making its supply chain network a valuable asset (PayPal Money, 2017). Other famous brands in the mobile payment industry include Square, Square Cash, PayPal and Cash App.
Debit Cards and Mobile Payment Systems
The banking industry has recently made a trend of upgrading its systems and systems introducing new technologies which include payments through more sophisticated systems to increase security, reduce fraud and provide authentication of the transactions. PayPal uses three payment systems to offer its services to its customers; Debit Cards, PayPal Cash App and PayPal Cash Insert. The company's services are offered by various brands through its PayPal and Cash apps. The company collects fees for transactions carried out through the two systems (PayPal Money, 2017). PayPal is one of the largest banks in the world in terms of number of branches, as it has over 450,000 branches. The company has also been a pioneer in digital payments since its inception. In the early days of PayPal was the first bank in the world to introduce mobile services for international credit cards and debit cards that used to be restricted for international transactions.
The company operates in the in-app store and web store to offer services through internet access of mobile phone terminals. This enables many people to make transactions quickly as opposed to using physical debit and credit cards. PayPal has other services such as birthday offers for its customers and a new version of the personal contact details app that has met the requirements of the law. PayPal has over 200 million users that can make purchases and send money to each other at low prices.
The business of mobile payment through PayPal has great benefits to both the customers and the company as the payments are safe and reliable. The company considers the security of every transaction a core principle of its system and in order to, maintain the high safety standards, the company has invested in several security measures. The company applies several safeguards to secure its information system in order to protect the stakeholders of the company. One of the biggest products and financial services of PayPal is the online and offline cash APIs, which make an online transaction made using the PayPal Cash App more secure. The company has also invested millions of dollars in research and development of new security
The company has also partnered with other companies in enhancing security. The company recently invested $4 billion in the expanding its payments network by purchasing an equity stake in Alibaba for 5% of the equity shares. The company also offers a Bill Payment service in its personal contact details application that accepts transactions without providing card input to the customer. This enables the company to reduce transaction friction for its customers. The company is also providing a platform to its customers where they can apply for multiple accounts. This is one of the reasons why the company has been able to make a breakthrough in the industry of payments for its customers (PayPal Money, 2017).
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