On January 30, 2024, the PayPal logo was seen at its headquarters in San Jose, California.
Justin Sullivan | Getty Images News | Getty Images
It was a pivotal moment for Frank Keller PayPal. Two years later, with two CEOs and endless brand strategy meetings, the company is ready to redefine the world of commercial payments.
With the launch of this week’s Paypal Open, Keller, executive vice president of Corporate Merchant Group and his team are integrating many of the company’s products – Braintree, Zettle, Hyperwallet, Hyperwallet, ChargeHound – to put it into one brand.
Keller told CNBC in his speech in Germany that the strategy mentioned in the client that “you have all these amazing things, but we don’t know about this strategy.”
“I’ve actually been working in the two years of this launch, in terms of how we build PayPal as a B2B business,” Keller said.
Founded in 1998, PayPal is synonymous with its consumer-facing checkout button, but its business-to-business solutions are equivalent to a variety of local technologies and acquired companies with little cohesion. With PayPal Open, these names will fade away, and PayPal can focus on making it more important to the business.
Keller compares efforts to other consumer brands that have successfully expanded to B2B Amazon A web service is a good example. Meanwhile, CEO Alex Chriss’ early successes stem from increased transaction profits and better monetization of key acquisitions, such as Braintree, which handles credit card processing Yuan Nearly $600 billion in total payment volume was processed last year.
Landing in the name of openness took months of market research, internal review and some last-minute strategic hubs. There is even debate about whether to pay more attention to Braintree.
“PayPal is one of the most trusted brands in the world,” Keller said, explaining the logic of the decision.
Chriss’ pressure is Chriss, who took over as CEO in September 2023, brutalizing a turnaround at the brutal Paypal.
The company’s brand checkout business, the most profitable area in history, faces competition. apple Pay, Google Payment and Shopify Store salaries are all integrated into Paypal’s dominance, especially among young consumers who prefer mobile-first payment solutions. Brand checkout account 30% of total PayPal payment volume.
PayPal Open is designed to do more than handle B2B payments. Enterprises, developers and partners will also be able to integrate financial services and AI-driven business insights through a single link. For merchants, this means easier access to fraud protection, buy now, pay options later, global transactions in 140 currencies, and loan solutions.
There is a famous brand that has not joined the merger: Venmo.
The popular peer-to-peer payment app has over 90 million active users in the United States and is actually everywhere in a younger audience.
“People say, ‘Venmo Me’,” Keller said. “It’s a unique consumer brand.”
The launch of PayPal Open started this week, starting in April with a phased transition for the brand, meaning Braintree and Hyperwallet won’t disappear overnight.
Keller said businesses “don’t have to tear and replace their brain stream” or other integrations, but instead have seamless access to all of PayPal’s products. Keller said that this shows that Paypal can become a true corporate powerhouse.
“We want to be an open platform where businesses, developers and partners can develop on our solutions,” Keller said.
