Welcome!

News Feed Item

CORRECTING and REPLACING GRAPHIC Time, Money and Tech: PayPal Study Reveals Global Attitudes

Please replace the graphic for the release dated July 07, 2014 with the accompanying corrected graphic.

The release reads:

TIME, MONEY AND TECH: PAYPAL STUDY REVEALS GLOBAL ATTITUDES

Global Survey Supports Value of Empowering People Economy

United States Looks to Foster Small Business Growth with Money Flowing More Freely

From its first day, PayPal has helped revolutionize the way people across the globe think about and use money. As part of its recent global rebrand, PayPal today announced findings from a 15-country survey aimed to understand both universal human attitudes and country-specific variances in perspectives about time, technology, money and other central elements of the People Economy.

The People Economy is how PayPal describes its belief that people’s lives can and should be more connected, more human, and filled with deeper meaning. People who make, share and collaborate, and those who buy, sell, and trade, all want the same thing: more of a say and less in the way. PayPal’s continued technological innovation, focus on improved processes, and mission to give people direct control over their money are integral to the People Economy. PeopleEconomy.com serves as a place to discover and be inspired by the individual voices behind this growing notion.

“At PayPal, we always strive to lead as a revolutionary brand. With our rapidly changing environment, we must create based on the needs and changes in the marketplace,” said Christina Smedley, vice president, Global Brand and Communications, PayPal. “With PayPal’s truly global marketplace, better understanding the key values we’re supporting around the world – both at universal and at country-specific levels – is essential for delivering products that further empower the people we serve. This survey furthers us in that mission.”

70 Percent of the World Thinks Technology Should Make Payments Simpler, Connected and Faster, with More Choices and Opportunities

Whether it’s the pain of the waiting on shopkeepers to take payment, annoyance at having to find and carry cash, frustration with lugging around a wallet, balking at reliance on kiosks or other things standing between people and what they want, the world is ready for what PayPal delivers: the faster, safer way to pay and get paid.

For example, in Singapore (73 percent), China (72 percent) and Australia (51 percent), the majority of people want technology to help them avoid long lines. European shoppers are more fed up with having to wait for someone to take payment or having to get cash to complete a purchase, with Spain (55 percent), Italy and Russia (53 percent), France and Turkey (41 percent) and the UK (39 percent) reporting the highest levels of dissatisfaction. The problems persist online as well; if a site requires a customer to sign up or register before making a purchase, they’re apt to lose more than half of prospective sales in Italy (52 percent), Canada (51 percent) and Spain (50 percent).

The Majority of People Waste up to Four Hours a Day on Mundane Tasks; How it’d Be Spent Varies Dramatically by Country

Whether waiting in line/queuing to pay for things, commuting to and from work or sitting in traffic, enduring pointless meetings or calls, or simply running through the day’s errands, more than half of the world (56 percent) wastes hours each day that they’d like help recapturing. Only Germany has a significant percentage (19 percent) of its population that professes being highly efficient and wasting no time. By contrast, only two percent of Americans report feeling efficient.

For the rest of the world, getting to and from work and dealing with daily routines seem to be the biggest time-sucks, with every country averaging more than an hour on each. Italians, however, have the worst commutes, wasting more than two hours each day (123 minutes on average) followed closely by Israelis (117 minutes). Russians waste nearly three hours on errands each day (166 minutes), followed by Brazilians (125 minutes), Americans (118 minutes), the Chinese (115 minutes), and the Turks (112 minutes). In the US, being stuck in traffic and pointless meetings, calls and emails come in as a close, combined second for what we waste time on (22 percent each).

While the fact that we waste time on the days’ necessities may not be surprising, how each country would spend that time if given the chance varies from country-to-country. Of those wishing to spend more of that wasted time on worthwhile endeavors, Americans lead the world in ranking family time (54 percent) as the way they wish to spend more time, while, the Japanese want to treat themselves with solitude (63 percent), the Chinese seek more physical activity (48 percent) and Spaniards want more time for leisure activities (35 percent).

“While we’re not yet in the business of solving gridlock, we know that whenever we can shave time from the payments process for our 148 million active account holders, we’re giving them back one of life’s most precious resources,” continued Smedley. “Whether spending that time with family and friends, relaxing, exercising or getting some quiet solo time, the value is immeasurable.”

Fast-Growing Economies Embrace Mobile

While keys lead the list of things people won’t leave the house without, the smartphone is just as important – beating cash and credit cards on a global scale. This statistic confirms for businesses that figuring out mobile payments is key to future sales. In fact, in some of the world’s fastest-growing economies, the majority of the population has already embraced mobile payments. In China, 90 percent of respondents pay from their phone, followed by Russia (85 percent), Brazil (nearly 70 percent) and Turkey (60 percent). Even in China, however, where mobile is mainstream, 35 percent of respondents wish paying by phone were easier. The world is ripe for continued innovation.

In the US, 54 percent say that small local businesses like farmers markets and local shops can benefit from mobile or online payments, and 49 percent believe American entrepreneurs overall would benefit from an easier flow of money.

For more information about the survey findings and for infographics illustrating its findings, click here: www.PeopleEconomy.com

About the Survey

Research was conducted April 29th to May 20th, 2014 by Reputation Leaders, an independent research firm, among 15,105 adult banked consumers aged 18 to 64 in 15 major markets. Interviews were conducted by RDD phone interviews in the US, and by online survey in Australia, Brazil, Canada, China, France, Germany, Israel, Italy, Japan, Russia, Singapore, Spain, Turkey, and the UK. Respondents were balanced by quotas in each country to ensure the sample mix was representative of national adult populations by age and gender. Key findings show both universal beliefs that transcend boundaries, and country-level differences. The margin of error for the total sample of 15,105 adults is 0.8% at the 95 percent level of confidence. In each country of 1,000 adults interviewed, the margin of error is +/-1.3% at the 95 percent level.

About Reputation Leaders

Reputation Leaders Ltd is an international market research firm based in London that specializes in helping companies to build reputations through brand positioning, thought leadership and social purpose. They specialize in conducting multi-country, cross-cultural quantitative studies that drive media headlines and market insights.

About PayPal

At PayPal, we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution, giving people direct control over their money. Through our innovations, we make life better for our over 148 million active accounts in 26 currencies and across 203 markets, processing more than 9 million payments daily. An eBay Inc. (Nasdaq: EBAY) company, PayPal is the faster, safer way to pay and get paid. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing.

Visit www.paypal-media.com for more information and follow us on TwitterFacebookYouTubeLinkedIn and our PayPal-Forward blog.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We view the cloud not as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo (http://www.CloudComputingExpo.com), held June 7-9 at the Javits Center in New York City, NY.
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...