PayPal Holdings, Inc. recently announced a more than $100 million commitment to advance financial inclusion and women’s economic empowerment over the next five years. The announcement was made during the Generation Equality Forum (GEF), a global gathering for gender equality. The forum was convened by UN Women. It was co-hosted by the governments of Mexico and France, in partnership with civil society. Above all, PayPal’s mission is 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.”
On a mission to increase women’s economic empowerment
The commitment includes several external and internal investments over the next five years. These investments aim 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 led by women or serving women. It will also invest in endeavors that can produce greater financial health or economic empowerment of women.
- PayPal will invest $7 million in partnerships to increase access to microloans for women entrepreneurs around the world.
- PayPal will contribute $1 million 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 focusing on gender equality in the workplace. This will 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. The assessment will start in the U.S. and expand 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. This platform is working to improve the availability, quality and use of gender data. The intention is to make a practical difference in the lives of women and girls worldwide.
Ensuring equity for all
This commitment builds on the previous actions the company has taken to create a more inclusive economy. The goal is to ensure that everyone has the opportunity to participate and thrive. Last year, PayPal pledged $535 million to address economic inequality among Black and underserved businesses and communities in the U.S. PayPal also has a longstanding track record of advancing gender equality within its workforce. For the last five years, PayPal has maintained 100 percent gender pay equity globally. It has also maintained U.S. ethnic pay equity. The company has strong family leave policies to attract and retain women. The National Partnership for Women and Families has recognized PayPal for its maternity leave, parental leave, family care leave and sick leave policies.
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 information, visit paypal.com.