International Finance

PayPal acquires Honey Science for $4 bn to improve CX

PayPal Honey Science
The acquisition will help PayPal to improve customer shopping experience and boost ecommerce sales for merchants

PayPal has acquired Honey Science, a shopping rewards platform for $4 billion in cash. The deal is anticipated to transform PayPal’s customer experience and increase ecommerce sales for its merchants. 

Honey Science is a US-based technology company headquartered in Los Angeles. The deal will help PayPal to improve the shopping experience for its customers, the reports said. 

PayPal and Honey’s combined operations will help hundreds of millions of retailers to seamlessly reach customers with better offerings. Dan Schulman, president and CEO of PayPal, said in a statement, “We’re thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family. The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants.” 

PayPal has strengthened its presence in digital payment for more than 20 years. It aims to make payments more convenient and swift for customers using advanced technology. Currently, it has 300 million customers from around the world. 

Last week, PayPal forayed into the Chinese market with GoPay acquisition, the reports said. GoPay is a Chinese licence payment company. The acquisition makes PayPay the first foreign payment company to have acquired a domestic payment licence. In fact, this is a huge opportunity for PayPal as over half of China’s population is predicted to use mobile payment platforms in 2020, according to eMarketer data. 

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