Growing at a rate of 18,000 new accounts per day atop a base of 10 million registered users, person-to-person payments operator PayPal is preparing to cash in on its success with an IPO. Russ Jones, a researcher with the NuVantage Group, explores the PayPal phenomenen.
This research report was commissioned by CommerceNet to examine PayPal's success in penetrating the consumer market and to determine what lessons can be taken away by others in the financial services industry.
After describing how PayPal has evolved into a point-to-point payment service, the report explores the company's customer value proposition, innovative marketing approach, and overall positioning in the payments industry.
The report concludes by distilling the lessons learned from PayPal into six simple rules for developing new payment services.
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