To make themselves invaluable to consumers of the future, PayPal has unveiled the very aptly named PayPal for Marketplaces, which they are billing as an “end-to-end global payment solution.” The new payment system lets consumers use PayPal’s entire suite of services–including risk-and-fraud detection capabilities and online buyer and seller protection–or pick and choose from the panoply of services.
The new service is already in use on sites like men’s clothing retailer Grailed and digital content manager Rocketr, and it will continue to roll out around the globe in the coming months. Global marketplaces are expected to own nearly 40% of the global online retail market by 2020.
PayPal is not alone in trying to carve out a future in online marketplaces. Fintech company Payoneer is marketplace oriented, JPMorgan Chase just bought online payment startup WePay, and Stripe, the PayPal competitor backed by PayPal’s very own founders, has made the marketplace its focus, too.