PayPal has launched a new ecommerce platform aiming to “democratise” the platform and give small independent etailers access to the same infrastructure as Facebook and Instagram.
Its new platform will bring together existing parts of PayPal’s payment arm, including allowing merchants to accept money online and shoppers to checkout using PayPal.
Now companies will also be granted access to features currently only available to the tech giants, including back-end systems like authenticating accounts, fraud protection and compliance.
Previously these features would have been expensive if not impossible for smaller companies to afford, but this new platform will allow them to “compete with the very largest online retailers”.
“This is a huge and rapidly growing market and we’re looking to go enable much more of that,” PayPal’s chief operating officer Bill Ready told CNBC.
“This is a huge opportunity for them… There’s all these new places where sellers can go meet a customer. We want to democratize access to that so all these millions of sellers can go engage more customers online.”
Other backend processes included with PayPal’s new platform are onboarding, payouts and disputes management alongside AI powered anti-fraud protection.
It will first be launched in the US, UK and Europe, but will eventually be rolled out to every market in which PayPal operates.