PayPal Hits 10 Million Users Milestone
FACTS
- As they celebrate their 15th local anniversary, PayPal claims more than 10 million active users in France.
- With 25% of their e-purchases, France is their third-largest market in Europe; and 4th globally, after the US, the UK and Germany.
- PayPal is among options on most of the leading and smaller merchant sites. In France, it is featured by 70% of the e-merchants; 25% of the e-buyers choose this solution.
- Among clients: La Redoute, Rakuten, VeePee, Cdiscount, etc.
- Why this success?
- Free service
- Increasing number of partnerships with French SMEs
- Trustworthiness: very few negative feedback globally for the group handling over 20 million transactions each day
- Consideration of French market specifics
- By way of attracting more users, PayPal also diversifies their set of free services for French customers. They may transfer money from one wallet to another, pay online, pay back their relatives, create online pools… at no extra cost.
CHALLENGES
- New growth levers. In order to gain further momentum in France –a market other payment specialists such as Adyen and Stripe started to invest in, as well– PayPal bets on additional growth relays. This Californian group intends to aims for sectors poorly addressed online, too (travel and food industries, for instance). They pay extra attention to remittences, via Xoom (launched in July in 32 European countries, including France).
- Land for experimentations. Innovative services are popular in France, leading PayPal to choose this market when running pilot tests. Their transfer and Money Pool services, for instance, had been tested in France.
MARKET PERSPECTIVE
- In order to reach out for even more customers, additional services are seeing the day. Just days ago, PayPal expanded their financing programme, aiming for more targets with PayPal Credit.