PayPal is one of the major companies that has redefined the online transfer of money through its stable and reliable, and safe payment systems. Its business approach is based on the provision of alternative payment methods to the conventional ones, something the company has mastered creating a brand of its own. As a matter of fact, the efficiency of this company is shown by its inclusion in the fortune 500 companies in 2018.
All this success by PayPal comes down to its mission and vision statements. A vision statement of a company defines its future position, while a mission statement outlines the strategies that would drive it towards that vision.
The vision statement implemented by PayPal is all about the opportunities the company provides its users, while its mission statement affirms its transformational intents when it comes to matters payments. The ability of the company to achieve so much within 20 years of its operational also has everything to do with its core values. These are the tools that have enabled PayPal to distinguish itself from other players in its line of business.
PayPal Mission Statement
PayPal’s mission statement is “we believe that now is the time to reimagine money, to democratize financial services, so that managing and moving money is a right for all citizens, not just the affluent.” The statement calls attention to the fortitude of the company to revolutionize how money is handled by giving everyone an opportunity to do more than they could with conventional systems. The statement has the following components:
- Improving lives
- Transform payments
The primary intention of PayPal as shown in the first component of its mission statement is to give everyone an opportunity to transfer money as they wish to drive their businesses at whatever size. In this way, the company makes the competing grounds fair for all, giving the business landscape an entirely different face where money transfer is concerned. Additionally, this also relates to the second component as it saves people from the limit-full conventional paper methods to the limitless electronic ones.
PayPal’s vision statement is “we believe every person has the right to participate fully in the global economy. We have an obligation to empower people to exercise this right and improve financial health.” The statement talks about how the company leads the change in how people handle their finances. The statement relates to these major points:
- Right to participate fully in the global economy
- Empower people
The work of PayPal revolves around ensuring that people understand their financial rights in the modern era. Limitations are a thing of the past, and that is why the company dedicates all its resources to change this, and empower people to take their finances into their hands aided by PayPal systems.
PayPal’s core values include “collaboration, demonstrating integrity, trust, respect, empathy, innovation, wellness, and inclusion.” These make up the principles that regulate the activities at PayPal.
Essentially, PayPal highly values its internal culture as this is what determines its success. The outlined core values are the primary ingredients for the presence of this culture that defines what PayPal is all about.
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