PayPal: Finding new markets and fueling entrepreneurship

About PayPal

Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money and offers choice and flexibility when sending payments, paying, or getting paid. PayPal enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies, and hold balances in their PayPal accounts in 25 currencies.

Industries: Financial Services & Insurance
Location: United States

PayPal was one of the first businesses to move money over the internet, securely and swiftly. Assisted by cloud computing, it wants to bring a better financial life to every possible point on the planet.

Today, 300 million people in 200 global markets have accounts with PayPal. Its customers execute $600 billion transactions each year. The company has accomplished that through a strong technology culture, running largely on its own technology infrastructure and third-party networks. In 2019 alone, PayPal’s engineers released almost 20,000 software updates to serve its customers. With total payment volume (TPV) growing at 25% annually, PayPal needed a solution that could help it scale quickly and securely.

“We needed a partner who was also global and who could help us scale fast. It was huge for us that Google was already present in the countries where we wanted to go,” said Vikram Watave, PayPal’s senior director for global platform and infrastructure. “Instead of taking at least a year to get something set up in a particular country, we can literally flip a switch and have it available.”

PayPal worked with Google Cloud to help it securely build on its success in two ways: make it easier for developers to experiment, and bring its services to an underserved market, the countless smaller online retailers who could greatly benefit from the reach and capability of a global payments provider.

With revenues reaching $2 trillion this year, the global payments industry is attracting a wide range of companies looking to win customers and expand markets through simpler and safer ways to make online transactions. Competing in this fast-changing landscape calls for a global reach and high degree of efficiency. PayPal keeps its edge through an unwavering focus on agility and invention.

In migrating to Google Cloud, the company led with software development and testing, so its engineers could work faster on products that mattered to customers and the enterprise, without having to worry about undifferentiated work like server management. The team’s internally developed containerization platform was ported to the cloud, adding performance to its microservices, without the need for new learning.

That’s one aspect of the close relationship between Google Cloud’s engineers and the PayPal team, a hallmark of Google Cloud service. Working on the principle of “engineer to engineer” service, teams from the two companies are blended in both PayPal’s San Jose headquarters and Salt Lake City, where PayPal is set to become a premier customer in a new Google Cloud region.

The Salt Lake City region is Google Cloud’s sixth region in the United States and one of the 23 regions Google Cloud will operate in 2020. It was chosen for proximity to many knowledge-intensive industries, like healthcare, information technology, and financial services. Enterprises like PayPal can gain access to lower latency, enhanced scalability, and better end-user customer experiences. Customers can take better advantage of hybrid cloud solutions, or if they wish, split workloads across Western U.S. facilities in Los Angeles and Oregon, ensuring reliability at high speeds.

Speed matters for both operational efficiency and customer delight. Even a few hundred unnecessary milliseconds in processing a transaction can mean customer dissatisfaction. When most activity is happening on Google’s secure, high-performing proprietary network, latency is minimized.

“We can only develop fast, build fast, and deploy fast if we have infrastructure that’s as nimble as we are,” says PayPal’s CTO, Sri Shivananda. “Google Cloud allows us to innovate and serve our customers at the speed we require. We can bring as much data as we want to the platform and manage it in a safe way.”

PayPal continues to democratize ecommerce as it scales, affording big-retail services to smaller, entrepreneurial retailers. By serving this market, PayPal can give consumers and retailers everywhere more choice, more opportunity, and more tools with which to improve their lives and businesses.

As PayPal expands globally, encountering ever-greater diversity of markets, currencies, and customer needs, one thing does not change: the need for rock-solid security, whether in transactions, personally identifiable information, or financial history. Google Cloud’s network, and multilayered security, help ensure that happens at every point.

About PayPal

Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money and offers choice and flexibility when sending payments, paying, or getting paid. PayPal enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies, and hold balances in their PayPal accounts in 25 currencies.

Industries: Financial Services & Insurance
Location: United States