PayPal champions financial inclusion and economic empowerment of women

The commitment is part of PayPal’s mission to build a more inclusive global economy and its role as a Generation Equality Forum Action Coalition Private Sector Lead.

PayPal has announced a more than US$100mn commitment to advance financial inclusion and economic empowerment for women and girls around the world over the next five years. The announcement was made during the Generation Equality Forum (GEF), a global gathering for gender equality, convened by UN Women and co-hosted by the governments of Mexico and France, in partnership with civil society. In support of its mission to build a more inclusive economy, PayPal was selected to join the Generation Equality initiative as a private sector lead for the Economic Justice and Rights Action Coalition in November 2020.

“Improving the financial health of women is essential to building prosperous and resilient communities. Women make up the overwhelming majority of the world’s unbanked and underserved adults, and the economic and social impacts of the COVID-19 pandemic have only exacerbated these disparities,” said Dan Schulman, president and CEO, PayPal. “As we work to shape an equitable recovery and an inclusive digital economy, we believe we have a responsibility to help expand the role and participation of women in the financial system and economic growth. With the resources, tools and technologies now at our disposal, we’ve never had a greater opportunity to achieve economic equality.”

The commitment includes several external and internal investments over the next five years to support financial inclusion and economic empowerment of women and girls:

  • PayPal will deposit $100 million of its capital into investment funds and depository institutions that are led by women or focused on serving women, as well as other endeavours that can produce greater financial health or economic empowerment of women, among other gender equality outcomes.
  • PayPal will invest $7mn in partnerships to increase access to microloans for women entrepreneurs around the world.
  • PayPal will contribute $1mn to raise awareness and provide incentives to mobilize donations to civil society organizations that support gender equality through PayPal Giving Fund. As part of this, PayPal will recruit gender equality-focused charities to its platform in at least 34 countries by 2023 to further advance resource mobilization for Sustainable Development Goal 5.
  • PayPal will conduct an annual assessment to ensure that the company’s policies and benefits regarding pay equity, paid leave, caregiver support and workplace sexual harassment prevention meet or exceed best practices, starting in the U.S. with the intent to expand the assessment globally.
  • Through the company’s Community Impact program, PayPal employees in 22 countries will contribute more than 10,000 hours of capacity building and skill-based volunteer services to charities advancing gender equality. PayPal will match $10 for every volunteer hour dedicated through our employee matching gift program.
  • PayPal will contribute its resources and expertise to Data2X, a collaborative technical and advocacy platform, working to improve the availability, quality, and use of gender data to make a practical difference in the lives of women and girls worldwide.

This commitment builds on the previous actions the company has taken to create a more inclusive economy, in which everyone has the opportunity to participate and thrive. Last year, PayPal pledged $535mn to address economic inequality among Black and underserved businesses and communities in the United States. PayPal also has a longstanding track record of advancing gender equality within its workforce. For the last five years, PayPal has maintained 100% gender pay equity globally, as well as U.S. ethnic pay equity, and has strong family leave policies to attract and retain women. The company has also been recognized by the National Partnership for Women and Families for its maternity leave, parental leave, family care leave, and sick leave policies.

READ MORE:

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy.

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

Luke Conrad

Technology & Marketing Enthusiast

Giesecke+Devrient launches new Smart Label at CES 2025

Giesecke Devrient • 06th January 2025

G+D has today launched the G+D Smart Label, its innovative tracking solution that transforms any package into an IoT device. Ultra-thin and only slightly larger than a credit card, the new Smart Label proposition has been jointly developed by G+D in conjunction with its hardware partner, Sensos to enable cost-effective, accurate location tracking for a...

Choose an AI solution to transform beyond technology

Kit Cox • 09th December 2024

The first step is knowing exactly what your business wants to achieve with AI; think faster, smarter and more efficient. Once you know what you are working towards, you can start looking for a solution that can help you make it a reality. AI integration can feel like a daunting task at the beginning, so...

A Roadmap to Security and Privacy Compliance

John Lynch Director of Kiteworks • 04th December 2024

Only by understanding the current regulatory environment and implementing robust data protection measures, can organisations enhance their security posture, ensure compliance, and build resilience against the latest cyber threats. This article provides a comprehensive roadmap of how to do it.

Data-Sharing Done Right: Finding the Best Business Approach

Bart Koek • 20th November 2024

To ensure data is not only available, but also accessible to those that need it, businesses recognise that it is vital to focus on collecting, sorting and governing all the data in their organisation. But what happens when data also needs to be accessed and shared across the business? That is where organisations discover a...

Nova: The Ultimate AI-Powered Martech Solution for Boosting Sales, Marketing...

Erin Lanahan • 19th November 2024

Discover how Nova, the AI-powered engine behind Launched, revolutionises Martech by automating sales and marketing tasks, enhancing personalisation, and delivering unmatched ROI. With advanced intent data integration, revenue attribution, and real-time insights, Nova empowers businesses to scale, streamline operations, and outperform competitors like 6Sense and 11x.ai. Experience the future of Martech with Nova’s transformative AI...

How E-commerce Marketers Can Win Black Friday

Sue Azari • 11th November 2024

As new global eCommerce players expand their influence across both European and US markets, traditional brands are navigating a rapidly shifting landscape. These fast-growing Asian platforms have gained traction by offering ultra-low prices, rapid product turnarounds, heavy investment in paid user acquisition, and leveraging viral social media trends to create demand almost in real-time. This...

Why microgrids are big news

Craig Tropea • 31st October 2024

As the world continues its march towards a greener future, businesses, communities, and individuals alike are all increasingly turning towards renewable energy sources to power their operations. What is most interesting, though, is how many of them are taking the pro-active position of researching, selecting, and implementing their preferred solutions without the assistance of traditional...