TheNFAPost Podcast
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New Delhi, NFAPost: The digital payment solution provider, PayPal, one of the global leader in providing digital payment solutions, made it clear that India is the “bedrock” of its development capabilities and the company continues to hire aggressively in the country in order to further build and drive the teams.

The company said that it is focused on helping small businesses in the country to leverage digital platforms and expand their cross-border sales.

Speaking at a virtual briefing, PayPal Senior Vice President (Omni Payments) Jim Magats said the company has a significant presence in Chennai and Bengaluru.

“We have a sales and marketing office within Mumbai and between our payments teams, our merchant teams, a lot of the infrastructure teams are out of India. India is literally the bedrock of our development capabilities that we have,” said Jim Magats.

The company has more than 5,500 employees across its tech centers in Bengaluru, Chennai, and Hyderabad. PayPal Vice President of Site Reliability and Cloud Engineering Wes Hummel said the company continues to hire aggressively in India.

“I have my infrastructure team, I have a significant contingent out there…we’ll continue to build out there, it’s a key part of our go-forward strategy and a key part of our hiring strategy. We found an incredible mix of operations, engineering folks, folks that actually will help us continue to build and drive that engine in PayPal,” said Wes Hummel.

MJim Magatsupholds the fact that amid pandemic there has been a significant growth in businesses coming online and PayPal is looking at evolving to a commerce company.

“We’re evolving ourselves to be really a commerce organisation and what that really means for us is enabling tools that help these small businesses in particular, to sell on different channels as well as to be able to get access to their customers, much more easily,” said Jim Magats.

He highlighted that the biggest pain point for small businesses is access to customers. Jim Magats explained that they are not only competing with large retailers that offer loyalty programmes, they also face challenges around areas like access to logistics.

“And so what we’re starting to think about are their ways to match up interests to the curation of inventory that we have more holistically…you’ve got to help these small businesses compete because the world is becoming asymmetrical, especially with the pandemic, with more big businesses for taking share. We’ve got to create ways to make it easier for them to compete,” he said.

Jim Magats said PayPal is looking at becoming a ‘super app’ for consumers for financial services, bill payments, and others.

“The idea of building the super app is extremely important for us, it moves us from the consumer side from just a payment relationship to a much more robust financial services and commerce experience. So taken together, we’re really excited about what we’ve been able to do over the course of the last couple of years with the pandemic, but we think our best days are in front of us with all these wonderful new product capabilities,” he added.

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