PayPal processed USD16 billion in contributions last year

Releasing its third annual ‘Global Impact Report; in COVID-19 times, PayPal said it has taken steps to help more than 24 million merchants impacted by COVID-19, including waiving certain fees and deferring repayments on select business loans.

The company said it worked with governments and regulatory agencies to efficiently provide loans to small businesses in the US.

"Given the challenges the world is facing as a result of the COVID-19 pandemic, we are committed to supporting the needs of our employees, customers, and communities and helping them navigate this unprecedented time," said Dan Schulman, president and CEO of PayPal.

In 2019, the company said more than 43 per cent of employees participated globally in the Kiva lending campaign, empowering over 10,000 entrepreneurs across 36 countries.

"We maintained 100 per cent pay equity for women globally and ethnic pay parity in the US for the fourth year in a row, and advocated for inclusive public policies such as signing onto amicus briefs in support of the Deferred Action for Childhood Arrivals (DACA) programme.," said the report.

PayPal employees in Mumbai and Chennai undertook initiatives to drive sustainability by volunteering their time and skills to organise clean-up drives, collect e-waste, plant trees and host environmental awareness events.

PayPal's total diversity in 2019 was 57 per cent globally, and experienced a 6 per cent year-over-year increase in females in tech roles and 12 per cent increase in ethnic minorities at Director-level roles since 2015.

"We matched 65 per cent of the energy in data centers with renewable generation, representing significant progress toward the company's goal of 100 per cent by 2023," said the company.

The PayPal platform is currently empowering more than 300 million consumers and merchants in more than 200 markets globally.