A quarter of all PayPal transactions are international, according to the Associated Press. Based on eBay data charted for us by BI Intelligence, PayPal drove more than $US56 billion in total payment volume in the third quarter this year — more than a 20% jump than the same quarter a year ago — thanks in part to its growing international presence.
PayPal is growing internationally because it now allows merchants to “localise” or translate the product listings to match the language and currency of the online shoppers. This is a huge opportunity for PayPal and its merchants: According to BI Intelligence, the Colorado bike store Pro’s Closet had nearly 45% of its online orders from coming outside the US after it started using PayPal’s localisation services. PayPal’s international transaction value was $US105 billion in 2013, and it estimates that number will balloon to over $US300 billion in 2018.
Business Insider Emails & Alerts
Site highlights each day to your inbox.