FinTech: PayPal Shifting More Applications To Google Cloud As Digital Payments Surge Higher

May 14, 2021 | FinTech, News
https://dailyalts.com/wp-content/uploads/2021/05/social-icon-google-cloud-1200-630.png

The move represents an expansion of PayPal’s long-standing partnership with Google Cloud.

PayPal (NASDAQ: PYPL) which has built its hybrid cloud strategy over the years with Google Cloud as a partner, is now moving more and more of its infrastructure workloads to the Google Public cloud to enable the processing of its data on a massive and global scale. (ComputerWeekly.com)

PayPal’s active total customer accounts surged by 24% to 392 million active users as at the end of Q1 2021, as the pandemic triggered a huge surge in digital commerce and online traffic. However, PayPal could onboard the additional transaction volume by adding additional capacity within hours (instead of months previously) through the use of the infrastructure solutions available with Google Cloud (NASDAQ: GOOGL).

Payments providers a lifeline during the pandemic

“E-commerce has spiked during the pandemic, with people using less cash. As a result, payments providers have been in high demand, ” said Derek White, vice president of Global Financial Services, Google Cloud.

“We can only develop fast, build fast, and deploy fast if we have infrastructure that’s as nimble as we are. By leveraging the power of the cloud, our teams can focus on providing the best products, capabilities, and services to our customers,” said Wes Hummel, vice president, Site Reliability and Cloud Engineering, PayPal. “As a part of our strategic partnership, we’re working side-by-side with Google Cloud to scale and secure our infrastructure for the future.”

Flexible and fast computing

According to PayPal, through the use of Google Cloud, it could process 1,000 payments per second at peak times such as Black Friday and Cyber Monday. That speed was up 22% from 2019.

Also, Google Cloud’s computational flexibility allowed PayPal to adjust its requirements for resources to meet with spikes or troughs in payment volumes.

PayPal’s global expansion drive

“The expiration of our operating agreement with eBay has enabled us to launch an extensive partnership with Alibaba,” said PayPal President and CEO Dan Schulman on the recent earnings call. “This global agreement will enable hundreds of millions of consumers outside of China to shop across Alibaba sites in China.”

“PayPal is now available as a payment method on Alibaba’s wholesale marketplace, as well as Ali Express, its global retail marketplace,” he added.

“Our addressable market continues to significantly expand driven by accelerating secular trends and the proactive steps we are taking to become a full commerce and payments platform,” Schulman said. “We believe that the shift in consumer digital behavior will remain essentially unchanged in a post-COVID world.”

Related Story:  PayPal Plans To Transform Into A Financial Super App

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/05/Flowcarbon-grab-merged.jpg
Venture Capital/ESG: Adam Neumann Co-Founded Flowcarbon Raises $70M Via VC Funding And Token Sale

Flowcarbon, co-founded by Adam Neumann, known for WeWork, is a climate technology company seeking to formalize the market for carbon offsets on the blockchain. The startup announced Tuesday its $70…

https://dailyalts.com/wp-content/uploads/2022/05/Artists_impression_of_dust_formation_around_a_supernova_explosion-overlay.jpg
Digital Assets: The Terra (LUNA) Implosion – Sidelights
May 25, 2022     Digital Assets, Latest News, News

One hapless investor lost about 3 billion won ($2.4 million) in the LUNA and UST implosion earlier this month. A Korean social media personality going by the name of “Chancers”…

https://dailyalts.com/wp-content/uploads/2022/05/earthquake-g49825e696_640.jpg
Artificial Intelligence: AI Could Bring Us Fresh Insight Into Earthquakes
May 25, 2022     Artificial Intelligence, News

Scientists have long held the view that earthquakes are impossible to predict, being random events. But the potential for damage these natural events have, including the loss of life, have…

https://dailyalts.com/wp-content/uploads/2022/05/Africa-Blockchain-Report-Grab.jpg
Digital Assets: Swiss Venture Firm CV VC Launches African Blockchain Early-Stage Fund; Issues African Blockchain Report
May 24, 2022     Digital Assets, News, Venture Capital

CV VC announced Monday at Davos the launch of its African Blockchain Early-Stage Fund to bring the advantages of the blockchain and its own expertise to enable Africa to transact…