PAYPAL Holdings, Inc. is upbeat on the growth of its Philippine market given the optimism of Filipino freelancers in growing their business.
In a press briefing on Tuesday, PayPal Regional Head for Strategic Partnerships for Southeast Asia Abhinav Kumar said the company is getting “positive” signals from the Philippine market.
The payment system company conducted an survey of over 500 freelancers in the Philippines last October 2017. The results showed the Philippines is a “very optimistic freelancer market” as 86% of freelancers claiming they anticipate future growth in their businesses.
The survey also showed 23% of respondents said their business is growing steadily, while 46% said their business is stable.
Mr. Kumar said the nature of PayPal’s business, which allows online money transfers worldwide, makes it relevant to the freelancing segment.
“We believe that we are extremely relevant to this segment given our platform transcends boundaries and allows them to accept payments in multiple currencies… So I think everything at this point in time is quite positive,” Mr. Kumar said.
Mr. Kumar said PayPal is confident despite the rise of other payment system companies because the company considers cash as its main competitor.
“The biggest competition for us is still cash… The bigger opportunity that we have is to change the ecosystem through the digitization of cash… I think, the opportunity is large enough,” he said.
Filipino freelancers who participated in the PayPal survey were mostly involved in data entry/Internet research, virtual assistant, and customer service jobs.
PayPal conducted similar surveys in 21 other countries. — Patrizia Paola C. Marcelo