PayPal Holdings Inc. seeks new mobile-wallet alliance with telecommunications leaders America Movil SAB in Latin America and Vodafone Group Plc in Europe emphasizing a significant growth strategy for the digital-payments company after its departure from EBay Inc. online marketplace.
Dan Schulman, Chief Executive Officer of PayPal is eyeing for new customers in 454 million users of Vodafone and 286 million subscribers of America Movil. Schulman is planned to declare the partnerships at Mobile World Congress in Barcelona, Spain, on Monday to highlight how PayPal is intensifying beyond a button to pay for things on websites into a mobile wallet platform allowing users to propel money abroad and pay for items in stores by perusing with their smartphones.
Schulman said in an interview that, the company is taking its platform of innovation and partnering with some of the prominent mobile companies worldwide. People are commencing to see this vision come to life of PayPal being the companion of choice that supports consumers and merchants transact and move money in the ecosphere of digital commerce.
When PayPal was departing EBay, it conventionally come into new markets along with the online marketplace, acquiring exposure as more merchants and shoppers bought and sold goods through the online bazaar. PayPal fragmented from EBay in the month of July and now contemplates mobile carriers as key partners. PayPal offers a platform for the carriers’ digital wallets, making new revenue sources from potentially new PayPal account holders and transactions. At the end of year 2015, PayPal had 179 million active users mostly in the Europe and U.S.
The Vodafone partnership will enable European customers of PayPal to use Android smartphones to make touch-less payments at Visa terminals, beginning in Spain and intensifying to additional markets this year. The America Movil deal involves making digital wallets for the company’s 140 million Tel Cel and Claro customers in Brazil and Mexico.
