The company announced that its new PayPal World app will feature updates of the largest innovations in payments
The user base of all partners of PayPal World exceeds 2 billion people (Reproduction)
PayPal (Nasdaq: PYPL) announced on July 23 its newest global payment system with support for stablecoins following a partnership with major companies in the industry.
Within PayPal World, there will be the possibility to use Mercado Pago (a company of Mercado Livre – Nasdaq: MELI), which has already signed a memorandum of understanding. In addition, NPCI International Payments Limited (UPI), Tenpay Global, and Venmo are also participating in the launch.
“PayPal World is a pioneering payment ecosystem that will bring together many of the largest payment systems and digital wallets in the world on a single platform. It is a testament to the passion that our partners share for a global and inclusive digital economy and has the potential to revolutionize international trade,” said Alex Chriss, President and CEO of PayPal. “The challenge of moving money across borders is incredibly complex, but this platform will make it much simpler for nearly two billion consumers and businesses. We believe that the changes we are announcing today have the potential to be game-changing over time. We can’t wait to welcome many more partners, wallets, and global users soon.”
PayPal and Mercado Livre already have a history of partnerships that is now expanding with the new global payment system.
“We are excited about this tremendous opportunity. This partnership brings together our collective strengths to optimize international trade, leveraging the success that each of us has achieved in our respective markets,” said Osvaldo Gimenez, CEO of Mercado Pago.
PayPal World launched with support for stablecoins (Photo/Disclosure)
The new PayPal app with support for stablecoins focuses on global trade and sending money between countries
PayPal announced that the arrival of World with its partners reaches 2 billion people, the user base of the applications.
In addition, PayPal and Venmo have integrated to improve their interoperability, which is expected to affect consumers in e-commerce, money transfers, and even purchases by AI agents.
According to the announcement, PayPal reminds us that many people suffer when they intend to shop in international stores. Another problem that the app aims to solve is the sending of money between countries, which often becomes slow, bureaucratic, and expensive when there is a need to operate in foreign exchange.
For companies, PayPal reminds us that its new payment system will facilitate business and may reduce the rejection rate of customers who reach the checkout phase.
“So far, companies needed to invest and develop technology every time they added a new digital payment system or wallet to their checkout. Accepting more digital payments meant more work, and losing a popular option at checkout meant losing sales. Without additional integration, PayPal World will connect millions of businesses to users of digital payment systems and wallets around the world, starting with PayPal and Venmo,” said the company.
By indicating future expansion with stablecoins, PayPal stated that it may have more partners, and its technology accepts everyone with its “agnostic technology” platform.
