Hello. My name is Mariusz Soltanifar,
and I'm a researcher in the area of corporate entrepreneurship and marketing lecturer at Hanze International Business School in Groningen, the Netherlands.
Today, I'm going to be talking about digital wallets and how they meet the challenge
of the online payment industry while focusing on PayPal, as an example.
We will learn more about the different payment methods,
how they are developing, and simplifying the online payment process.
Let us first have a look at the overview of what I've prepared.
The following case focuses on new methods of online payments and how they are providing a challenge for PayPal in the online payment industry.
Firstly, the nature of the challenge is highlighted.
Secondly, the company itself is presented.
Thirdly, the explanation of what has been done,
so action taken is discussed.
Fourth, the outcome is revealed,
and lastly, the learning is presented.
Let me highlight the nature of the challenge PayPal face.
The online payment industry has grown rapidly
and after the digital wallets were introduced in 2014,
it has simplified the payment process even more.
This however, has caused a challenge to PayPal,
who has been the front runner in the industry.
Gaining popularity of digital wallets has contributed to the total transaction value in
the digital payment segments amounts to four trillion dollars in 2019.
Total transaction value is expected to show an annual growth rate of 12.8 percent.
The market's largest segment is digital commerce.
From a global comparison perspective,
it is shown that the highest accumulator transaction value is reached in China.