PayPal: The Original Disruptor (written by EDB Singapore)
When a small Internet company came on the scene nearly 20 years ago and said it wanted to disrupt the payments industry, few paid it any attention.
That tiny outfit has since grown into a giant. PayPal is now one of the largest payment companies in the world, dominating the online payment space, with offices across the world including in Singapore.
But the original disruptor is not immune to disruption. In fact, the company is facing a “boiling ocean of disruption,” said PayPal’s Vice President Ben Edwards.
The company is facing co-opetition and competition from both the big guns, such as fellow technology companies Apple, Samsung and Alibaba, as well as the smaller start-ups which are experimenting with new modes of payment like blockchain. To meet these challenges, PayPal has been intensifying its innovation efforts, especially in this part of Asia.
Part of its strategy has been to acquire new capabilities and knowledge through mergers and acquisitions. More importantly, the company is focused on building innovation from within.
In 2016, the company launched the Innovation Lab in Singapore, its first outside the United States and a key part of the company pushing the boundaries of innovation.
To read more about the Innovation Lab in Singapore and full article click here.