PayPal Releases 2021 Global Impact Report
PayPal released its fifth annual Global Impact Report highlighting how the company continued to create a positive impact on the global community during the last year.
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As communities around the world continue to endure unprecedented challenges, PayPal is committed to doing its part in ensuring a more inclusive, affordable, and efficient financial system for all.
“Our annual Global Impact Report shows what the PayPal community can achieve when we are united in service of our mission and values. While 2021 was a challenging year in many ways, it also provided opportunities for us to step up and make a real difference for the people and communities we serve.”Dan Schulman, president and CEO, PayPal
“Our Environmental, Social, and Governance strategy is critical to driving the long-term vitality of our business. It is an increasingly integral part of how we build lasting impact for our stakeholders, and is crucial to building and maintaining trust, which we view as our greatest asset,” added Schulman.
Over the course of 2021, PayPal delivered impact to its stakeholders in many ways, including the following:
Driving Economic Empowerment
Core to PayPal’s social impact is driving opportunities for economic empowerment, particularly among historically underbanked populations. In 2021, PayPal completed the allocation of its $535 million commitment for racial equity and social justice, and also pledged $108 million towards external and internal investments that support the economic empowerment of women and girls.
Additionally, PayPal continued to enable its customers to participate in the global economy through its products and services. In 2021, the company released the new PayPal app, an all-in-one, personalized digital wallet to help consumers better manage their daily financial lives.
And since 2013, PayPal has facilitated $24.2 billion in access to small business capital through more than 1.2 million loans and cash advances to small and medium-sized businesses, including $3.6 billion in 2021 alone.
Prioritizing Employee Wellness and Investing in People
Employees are the highest priority stakeholder group at PayPal, and the company remains focused on their financial, physical, and mental health as they continue to navigate the impacts of the pandemic.
In 2021, PayPal worked towards further supporting employee financial health through financial education sessions, early wage access, additional financial wellness grants, and more.
New health and wellness benefits included a global COVID-19 testing and a vaccine reimbursement program, on-site vaccination clinics, and additional Global Wellness Days for employees to recharge and re-energize as they see fit.
PayPal also launched a new “Inclusion@PayPal” global learning program to educate and engage our employees on our diversity, inclusion, equity and belonging journey.
Mitigating Impact on the Planet and Taking Equitable Climate Action
PayPal’s approach to environmental sustainability involves addressing its own impact while taking action to build climate resilience among vulnerable populations.
Last year, the company set Science-Based Targets for its greenhouse gas emissions and is already demonstrating significant progress on its medium-term goals by matching 100% of the energy in its data centers with renewable generation.
Furthermore, the company led the formation of a global climate task force to explore the opportunity for digital finance innovations to power greater climate resilience around the world.
PayPal is also a founding supporter of the climate-focused cohorts of Catalyst Fund – a global inclusive tech accelerator to help startups build and deliver inclusive digital finance products and services.
Enabling Generosity of Customers and Employees
PayPal customers were able to extend their generosity in more ways than ever through easier and more innovative ways to give.
This included adding Generosity Network into the PayPal app in the US, Australia, Canada, Germany, and the UK, and expanding Give at Checkout to Germany, France, Italy, and Spain, driving well over $19 billion in donations to support more than one million nonprofits globally.
Employees also demonstrated their generosity and commitment in supporting their communities by volunteering over 80,000 hours and donating nearly $5 million, including company matching, in 2021.
And in times of crisis, PayPal has used its products and resources to enable its customers and employees to make contributions to regions and communities in need.
For example, in response to the summer flooding across Western Germany, PayPal initiated a fundraising campaign through the PayPal platform and employee-driven volunteerism to generate over €50 million in donations over six weeks.
Practicing Responsible Innovation
PayPal’s commitment to responsible innovation guides its approach to security, data management, privacy, and more to maintain trust among its customers.
The company is also contributing to emerging best practices regarding blockchain technology.
This includes facilitating responsible access to the digital currencies market, providing simple and educational resources to consumers, and contributing to the development of accounting methodologies for measuring greenhouse gas emissions induced in crypto networks.
For more insights, download the full 2021 Global Impact Report at paypal.com/impact.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.