PayPal has recently launched a new campaign with esteemed actor and comedian Will Ferrell. PayPal is one of the largest digital payment platforms to allows users to send money directly to each other both domestically and internationally. PayPal currently holds 45% of the market share of online payments, making it the largest online digital wallet platform. The new campaign by PayPal is to promote new features to their Buy Now, Pay Later feature, with 1,000 users targeted.
PayPal launches new update
The new campaign features beloved actor and comedian Will Ferrell, with the company utilizing Ferrell’s comedic genius to help land the campaign. The new features added to the Buy Now, Pay Later feature are intended to ensure that the company continues to be a leader in online payment platforms by offering increased futuristic features to ensure efficiency and trust.
“Will’s signature humor will be on display as he embarks on a shopping journey to show all the ways you can pay with PayPal now and over time, with Pay Later available at merchants that accept PayPal,” the company said in a new release.
According to the PayPal press release, the new features to be included in Buy Now, Pay Later include significant updates such as offering users the ability to log in to their account with biometrics and tap-to-pay options, an initiative they have done in partnership with Mastercard. This feature also allows customers to earn cash back of up to $1,000. They are also providing pre-qualified spending amounts to clients by utilizing Pay in 4 to assist them in determining how much to apply for.
“Payments are no longer an afterthought, they’re a central driver in determining how consumers shop,” said Geoff Seeley, Chief Marketing Officer at PayPal. “With millions of consumers selecting PayPal every day, we’re committed to raising the bar and delivering an incredible, flexible, and rewarding experience that connects our customers to the things they want and love.”
1,000 PayPal users targeted as part of the campaign with this one criterion
As part of the campaign, the company has also announced that they are launching one of their biggest “sweepstakes” using the “The Great PayPal Checkout.” The company is giving away $10 million by providing 1,000 users $100 over 100 days. Customers need to pay with PayPal Checkout to be part of the sweepstakes.
“I love surprises. So naturally, I boarded a plane to shout about PayPal’s sweepstakes from 30,000 feet. But don’t look away, there’s more to come next week – I might even sing again, who knows?” describes Ferrell in the campaign release.
The sweepstake is not only a clever incentive utilized by the company to get end-users to use PayPal at checkout, but allows for the brand to provide proof to customers that their company offers a fast and efficient shopping experience, thus promoting brand and customer loyalty. The campaign also helps attract new customers who want to be part of the sweepstakes.
Shift towards online payment platforms and currencies
The continued growth of companies like PayPal highlights the increased move towards online platforms for payments as well as the growth in digital currencies. The cryptocurrency has been foreshadowed by analysts to reach $200,000 by late 2025. The currency has also been favored by legislators in the White House, with a possible easing of regulations soon coming to make Bitcoin and cryptocurrency investment and purchases.
Businesses like PayPal are fast establishing themselves as intermediaries between established payment methods and cutting-edge technologies. Additionally, the growth in digital currencies are starting to be increasingly recognized for their more astute role in banking. The increased developments in PayPal’s shopping features as well as an overall shift towards an online financial world is set to stimulate interesting questions on the continued role of cash and traditional currencies.
