前言
新系列「5分鐘分析」是希望提高讀者了解公司的效率，圖片會較多、文字會較少，用最短時間發掘有吸引力的商業模型。
公司簡介
Who are you?
- 身為To-B(電商支付解決方案提供商)及To-C(數碼錢包)的兩向支付平台(2-sided platform)
- 在電商支付領域上比對手更有優勢
- Currently, PYPL has a 70% appearance rate in e-commerce, which is 4-5x the rate of Amazon Pay, also PYPL converts at checkouts at 89%, compared to 49% for other payments.
- 在平台及移動裝置建立支付生態圈
- 多元平台運作: Venmo, PayPal, Braintree, and Xoom
- PayPal於1998年成立，eBay於2002年以USD$1.5bn收購PayPal，至2015年賣出，現在Vanguard、BlackRock及Fidelity等機構投資人為主要股東 (Source: HOW PAYPAL MAKES MONEY)
- 目標: 簡化商戶及個人用戶交易流程及增加交易安全保障
Where do your business serve?
- 全球，以美國為中心，佔54%收入
Why customer want it?
- 海外轉賬難度高 [To-B & To-C]
- 線上交易難度高 [To-B]
- P2P交易需時 [To-C]
收入模型
Who are your customers?/Who will pay for it?
- 商業用戶
- 個人用戶
What do your customers do?
個人用戶
- PayPal用戶可以登記個人或商業帳戶，然後將銀行戶口連結到PayPal平台，之後可以進行收付款
- 個人用戶即是在沒有信用卡的情況下也可以在網上交易
- 「一鍵結帳」(One-click checkout)
- 將PayPal變為電子錢包
- 申請PayPal Debit Card
商業用戶
- 業務收付款
- 營運資本貸款
What do you do to earn your revenue (business activities)?
- 當客人在平台上交易，就會收取交易徵費 (亦包括收款)
- 提供增值服務，例如利息收入
What are your products/services?
服務
個人用戶服務包括
- 發送款項
- 網上支付
- 要求收款
- 其他: 錢包功能
產品
- PayPal [To-B & To-C](33%): 包括簡單結帳按紐及個人化線上結帳支付方案
- PayPal Invoicing: 容許商業用戶向顧客發出帳單，對recurring revenue業務更有效
- PayPal Credit: BNPL
- Paypal Here: 對象為線下商戶，配合應用程式PayPal Here及讀卡器使用，每次交易收取2.7%佣金
- Venmo [To-C](18%): 美國被Payme，重視社交原素
- Braintree [To-B]: 便於賺取重複收入(recurring revenue)的公司使用，收款功能特向化
- Zettle [To-B]: 可讓商業用戶透過移動裝置接收信用卡付款。收費隨交易量下降
- Xoom [To-C]: 讓個人用戶可發款到海外，亦包括交電話費、電費
What are your revenues?
- 淨收入 (Source: How Does PayPal Make Money? (2022), How Does PayPal Make Money? Paypal Revenue Model, ⭐️Paypal Official Web: How fees are charged?)
- 交易收入 (91%)
- 交易費
- 個人用戶: 當在PayPal平台上使用debit, credit card, or PayPal credit付款時會被徵收交易費
- 商業用戶: 在PayPal平台上接收銷售收入 (2.9% plus $0.30 USD)
- 在收取外國款項時會有徵費 (International Money Transfer Fees, Xoom)
- Payflow Payment Gateway Fee (商業用戶)
- 營運貸款收入
- 提款費用: 只限用支票收款
- PayPal Credit Interest: 當帳戶透支時會有利息收費
- PayPal Here Fee: 容許個人或商戶接受任何卡交易(Mobile Card reader Chip, Swipe reader Chip and Tap reader).
- 其他增值服務 (9%) (Source: HOW PAYPAL MAKES MONEY, PayPal Business Model : How does PayPal Make Money?)
- 包括合作方的銷售收入分成、介紹費、認購費(subscription fees，服務包括Ability to accept any card network payments、Chargeback and Dispute resolution、Logistics support、Enabling BNPL、Access to Virtual terminal、Acceptance of international payments)，亦包括利息收入
- Remarks
- 免費: 給親友發款、購物及提款到銀行戶口
- 收費: 賣出物品、使用即時發款功能(instant transfer service)、轉帳到信用卡/記帳卡、海外匯款
Source: 2022 Q3 Presentation
What resources are needed for business operation?
- Paypal平台
- 品牌
- 網絡效應: 2-sided platform, includes over 29 million merchants and 348 million consumers
- Flywheel: PYPL is the classic example of a network effect, as the company adds more consumers to the network, more merchants are encouraged to use PYPL as a checkout option. And likewise, the more merchants offer PYPL as a checkout option, the greater ease of use for consumers.
How do you measure your performance (economics)?
- 淨收入
- 活躍用戶
- 每活躍用戶交易次數 (TPA)
- 總支付量 (TPV)
- 佣金率(Take rate)
- Free cash flow
- 營業利潤率
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補充圖片
Who are you?
What do your customers do?
What are your products/services?
What are your revenues?
Source: 2022 Q3 Presentation
