GLOBAL digital payments service provider PayPal launched a new business app and program as part of its goal to strengthen market reach and to help local freelancers and entrepreneurs adapt to the digital economy phase.
The firm said its new offerings will help micro, small and medium enterprises (MSMEs) advance their businesses and services by increasing their access to the 3Ms: Money, Markets and Mentorship.
“We are doing our own part in empowering the community by providing new services and programs that could accelerate their opportunities in line with Asean’s Money, Markets and Mentorship framework,” Rahul Shinghal, general manager at PayPal Southeast Asia, said Thursday at the media launch in Makati City.
The PayPal Business App allows merchants to review transactions, check balances in all currencies, send customized invoices to clients, track unpaid accounts and streamline their communications with clients at any time and place:
Meanwhile, its program dubbed as PayPal Freelancer Community Program, would be an avenue to educate Filipino freelancers on selling and upgrading their skills in business.
Shinghal said the Philippines is an important part of the company’s Asia Pacific market as it has “a large proportion of freelancers in the world.”
Based on data from the Department of Information and Communications Technology which PayPal cited, the country now has some 1.5 million freelancers.
“The advantage of the Philippines is that its population has good English-speaking skills even if it’s a non-native English speaking country,” Shinghal said.
He stressed that the country is the fastest growing market in Southeast Asia and the second largest market in the region for PayPal.
Shinghal disclosed that a previous challenge for PayPal was that when its users were to receive money using a PayPal account, they would need to withdraw it from banks. “And a lot of freelancers don’t have bank accounts,” he said.
To address this problem, PayPal partnered with GCash and PayMaya in the Philippines late last year.
“The partnership with GCash and PayMaya allows our customers to receive their money outside the banks,” the company representative said, noting both firms’ network allowed PayPal to expand its base locally.
PayPal currently has 195 million consumers globally, of which 14 million are in the Asia Pacific.