PayPal.me launched to enable merchants to receive faster and secure payments

PayPal in partnership with IPSOS today launched the PayPal Cross Border 2015 Millennial report. Based on these reports and PayPal’s focus on the millennial segment, the company had launched ‘New Money’ a faster and personalised option for merchants to receive cross-border payments. “At PayPal we are focussed on enabling digital payments in a safe and secure environment. New Money by PayPal caters to the millennial audiences encouraging them to ‘Switch to New’. PayPal.me offers a quicker and on-the-go facility for the freelancer segment to receive payments. Interestingly, a safer payment option takes priority over all other factors including discounts which makes us a preferred payment option with our focus on risk & security,” said, Anupam Pahuja, Country Manager and Managing Director, PayPal India. PayPal and IPSOS Cross Border 2015 Millennial report: • 59% of millennials, while shopping cross border online are more likely to purchase from a site from which they have already bought before • Millennials (85%) prefer large global online store such as Amazon to buy products while shopping cross border • A high majority, 60% of millennials are not comfortable with purchasing on sites that not in their language • 82% millennials would prefer an option of paying either in local or their own currency • 55% would not feel comfortable making purchases online in a foreign currency The PayPal and IPSOS Cross Border 2015 Millennials report evaluates the online and cross border shopping habits of over 23000 internet users across 29 countries including interviews of 517 millennials in India. The research maps the evolution of online cross border commerce among Indian millennials. It identifies factors that drive the age group of 18-34 to buy across the border, the barriers faced by them and their approach towards making international payments online. The research highlights, 59% of millennials have shopped across the border for apparel and consumer electronics. Higher product quality was one of the key reasons for Indian millennials to choose products from global websites. A notable highlight of the report is the high incidence of event ticket purchases. Close to 79% of Indian millennials shop for event tickets online. US continues to be the most preferred nation for cross border shopping followed by China, UK and Singapore. The survey also reveals that Indian millennials have a preference for large global stores (like Amazon) while purchasing from another country. While millennials surveyed were most notably hindered to shop across the border by high delivery shipping costs, some of the other factors included difficult return process, unclear duty and tax structures, long delivery times, unfavourable conversion rates and payment option only in foreign currencies. Making online payments has emerged to be one of the most important aspects of cross border purchases. Being a generation that thrives on options, millennials prefer having the choice to pay in a currency of their choice.