It’s been two years since payments processor Braintree was acquired by PayPal, and now it’s on track to exceed $50 billion in transactions by the end of the year. Find out how they’ve managed to come out on top in the fiercely competitive e-commerce industry.
On September 26th 2013, Braintree, a company which allows merchants to process a range of different payments, including bitcoin, was bought out by PayPal for over $800m.
Braintree services a number of international e-commerce companies, including Uber, Airbnb, Pinterest and Hungryhouse.
Two years on, and Braintree expects to cross the $50 billion threshold in Authorised Payment Volume, which is more than four times higher than its figures in 2013.
The number of registered cards on the company’s platform has also increased, rising from 56.5 million in 2014 to 154 million in June 2015.
Bill Ready, CEO of Braintree, puts his company’s growth down to international expansion, with the payments processor now operating in over 46 territories including the United States, Europe, Australia and Asia, regions where merchants of all sizes are looking to modernise the way they accept payments.
Since the PayPal acquisition, Braintree has also collaborated with a number of e-commerce firms including Bigcommerce, FanDuel, Jet.com and One Kings Lane.
‘Rewiring of commerce’
Braintree is succeeding in a sector that is currently undergoing something of an identity crisis.
‘‘There is a rewiring of commerce that’s happening right now,’’ explained Juan Benitez, general manager of Braintree.
‘‘We’re in this really dynamic time when mobile is now the primary computing device for people. But commerce on those devices is lagging significantly behind, and that’s because it’s harder to pay on a mobile device than it is to pay on a desktop browser.’’
Despite there being difficulty in choosing ways to pay, global e-commerce levels on a mobile device are expected to rise significantly in the next few years, creating bigger opportunities for groups like Braintree.
According to market intelligence firm IDC, mobile spending is set to reach $720 billion by 2017.
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