PayPal today stands for Safety, Security and Convenience
By MYBRANDBOOK
Anupam Pahuja
Managing Director and Country Manager India
PayPal
A promising brand strategy
I feel India is a country where we believe three things are very important to people - one is safety, second is security of their money and third is convenience to do the transactions. So, our brand PayPal is all about safety; your money is always safe with us. So if you are making a payment to somebody and you do not receive the goods as promised, PayPal will refund the money, irrespective of the person to whom you have made the payment is a fraud.
The second thing is security; right now you can see in India lots of websites are getting hacked and lots of accounts are being stolen. But you can be rest assured that PayPal is the most secured payment system in the world and it brings security to its customers. We never share your financial details with the merchant, which means that we never give the merchant your credit card number or any other confidential details. Because the merchant don’t have your credit card details, they cannot commit any fraud.
The third aspect is convenience; with PayPal you are able to send and receive the money as a merchant in a matter of hours. You don’t have to go through a lengthy process. Everything is digitised and everything is available at one place. We ensure that our customers can send and receive money online in a matter of minutes in contrast to the traditional way earlier when transactions used to takes days or months. So safety, security and convenience is our brand’s ethos and that’s where we stand today.
Brand positioning wise, PayPal is one of the top brands in the world. In a recent brand study that was done, we have emerged as one of the top 20 brands globally when it comes to financial services.
Today customers in India have figured out how to move money from one person to another; everybody is doing it thus making transactions easy and convenient. But the important factor is managing the risk of moving that money. Who takes that risk? PayPal does it; what we are bringing to India is the ability to manage the risk associated with moving and managing your money. We have a 180 day return policy, which no vendor has in the country at this point of time.
So that is one of the key underline factors of what we are bringing to India. The second part of the story is all about the Indian payment system. While making a transaction, you have to wait for an OTP to come in which is too time consuming. So we tried to reduce that friction from the system.
R&D driving Growth
The largest development centre of PayPal is in India; we have close to 1500+ highly skilled technologists working here That is the largest development centre we have outside of our headquarters. We also have an incubation centre in India where we incubate companies out of Chennai and Bangalore. We have incubated around 15 start-ups in the Fintech space in India over the last two years.
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