PayPal has acquired box-free returns start-up Happy Returns in its latest push to expand its services beyond payments to become a “digital commerce enablement engine”.
Happy Returns will now act as the “nucleus” for PayPal’s post-purchase offering for merchants and customers, allowing shoppers to return online purchases without any printing or packing at 2600 drop-off locations in under a minute.
According to PayPal, the addition of Happy Returns will enable them to guide customers throughout their entire customer journey.
This involves discovering products and deals with Honey, which PayPal acquired for $4 billion in 2019, paying for goods securely via its own payment technology and Venmo’s instore options, then returning them with Happy Returns platform.
“With PayPal’s support, we will also focus on improving our platform and expanding our footprint, all with the goal of providing more customers with the most seamless, cost-effective, and environmentally friendly way to make and process returns,” Happy Returns said in a blog post.
Last week the payments giant revealed it beat profit estimates with the strongest first quarter in its history after the pandemic drove a shift to digital payments.
The company published strong results for 2020 and saw a record start to 2021, processing $285 billion in payments so far, up 50 per cent year-on-year.