PayPal Business Revamp Expected by March

PayPal is reportedly working to add new features, with a special focus on improving the checkout experience.

The firm plans to roll out the first of these changes as early as March, Seeking Alpha reported Tuesday (Dec. 5), citing a paywalled article by The Information.

The effort is being led by teams across PayPal and is driven by the company’s efforts to bolster its competitive standing against rivals like Stripe and Apple Pay, according to the report.

Together with enhancing its online checkout, the firm wants to add features to its digital wallet, the report said.

The project, dubbed Quantum Leap, aims to streamline the checkout process, redesign PayPal’s consumer app and speed integration for merchants, per the report.

PYMNTS Intelligence found that while PayPal and Square dominate the market and 85% of Main Street small- to medium-sized businesses (SMBs) are highly satisfied with their current payment processors, there is a battle for market share among the remaining 15% of SMBs who are not highly satisfied.

Both companies have built loyal customer bases by focusing on competitive transaction fees, ease of use, reliability and multiple payment options, according to “Main Street Health Q3 2023: Leading Payment Processors Satisfy SMBs, but Less Popular Providers Are Vulnerable,” a PYMNTS and Enigma collaboration.

Addressing customers’ checkout experience in November during a conference call with analysts to discuss earnings, PayPal CEO Alex Chriss said it is the company’s “end-to-end consumer experience with checkout at the center that will bring value to consumers with every single purchase.”

The news of the Quantum Leap project comes about three weeks after PayPal named three new executives while dividing its business into three new units.

On Nov. 15, the payments giant announced the appointment of Isabel Cruz as chief people officer, Michelle Gill as executive vice president/general manager of its new small business and financial services group, and Diego Scotti as executive vice president and general manager of its new consumer group and global marketing and communications organization.

With these appointments, PayPal also launched three new business units: the consumer and small business units and one for larger enterprises.