The COVID-19 pandemic posed unprecedented challenges for the global community, resulting in economic hardships that impacted millions of individuals and businesses. The impact in India is no different.
Guided by a mission to build an inclusive economy for all people, 2020 was a pivotal year for PayPal to take action. Through the strength and scale of its platform, and guided by committed leadership, the company launched products and initiatives to support stakeholders in their time of need, accelerate a responsible transition to the digital economy and begin building towards an inclusive recovery.
On the heels of a challenging and transformative year, PayPal’s 2020 Global Impact Report outlines the significant progress the company has made to power an equitable and inclusive economy, including improving the financial lives of its employees, customers and communities impacted by COVID-19; improving racial equity and social justice; fostering the generosity of its community; and addressing its climate impact.
Supporting Employees, Customers and Communities
PayPal took swift and consistent action to support its stakeholders during the COVID-19 pandemic. The company prioritized the physical, mental and financial wellness of its employees, including instituting a global remote work policy, providing additional financial support where needed and launching a global crisis leave program to provide additional paid time off.
For small businesses in India, we harnessed the power of our two-sided network through a targeted marketing campaign to encourage immediate financial support by spotlighting what sales and customer support would mean to these businesses during this time. The campaign, #SupportLocal by PayPal provided businesses exposure to over millions of consumers.
For our employees, PayPal continued to identify opportunities for additional flexibility and support to help navigate the impact of COVID-19. In addition to comprehensive leaves and benefits provided prior to the pandemic, we provided back-up child and elder care support in India. PayPal also launched its PRIDE chapter in the country, providing LGBTQ+ 101 educational programs, hosting intersectional events on overcoming adversity and promoting inclusion.
In light of the 2nd wave of the pandemic in India and the health crisis, as an employer and member of India’s business community, PayPal has contributed $1 million to relief organizations in India to assist with on-the-ground efforts.
Enabling Record Philanthropic Giving and Community Support
In a year marked by economic hardship, the PayPal community demonstrated a historic level of generosity towards causes they care about and raised mission-critical funds for charities on the frontlines of the pandemic. In 2020, the PayPal platform enabled more than 50 million donors to contribute nearly $17 billion to more than one million nonprofits, schools, campaigns and crowdfunders. After witnessing the growth of peer-to-peer fundraising during the pandemic, PayPal launched the Generosity Network, a new giving platform that enables customers in the U.S. to create customized campaigns to raise money for individuals and organizations in need.
Recently, PayPal also activated its giving platform to mobilize and enable US customers to support India relief efforts from the devastating impact of the second wave.*
Taking Ambitious Climate Action
Achieving climate stability is vital to PayPal’s mission of financial health and inclusion for all. The company is committed to addressing its greenhouse gas emissions and has pledged to reach net zero emissions by 2040. The company’s medium-term goals include achieving 100% renewable energy sources to power its data centers by 2023; a 25% reduction of operational greenhouse gas emissions by 2025, from a 2019 base year; and engaging 75% of its suppliers by spend to adopt science-based targets by 2025. In 2020, PayPal made significant progress towards its goals and matched 98% of the energy in its data centers with renewable generation. PayPal’s emission reduction goals have been validated by the Science Based Targets initiative.
Our India GIVE Teams spearheaded our regional Climate Week initiatives across Asia, which activated over 550 volunteers to contribute nearly 700 volunteer hours and raise over $5K to support environmental sustainability. They also inspired 600 volunteers to support 15 local NGOs in recognition of Daan Utsav.
To read the 2020 report, please visit paypal.com/impact.
* To make a contribution, please visit our fundraising campaign at https://www.paypal.com/us/helpfightcovid