The Innovation Project—a production of PYMNTS.com—announced on Tuesday that it will present PayPal with the inaugural 2014 Catalyst Award later this week at the project conference.
The award, the organization’s most prestigious award given for excellence in the payments industry, is given only to companies launched within the past 20 years. It aims to recognize the most successful start-ups but is given only when there is demonstrated, long-term success.
PayPal’s payments platform helped create the eBay platform that facilitates sale transactions between unknown buyers and sellers. The company boasts user accounts in 193 markets and 26 currencies worldwide. In 2013, PayPal processed $27 billion in mobile payments.
“PayPal is honored and delighted to receive the PYMNTS Catalyst Award,” PayPal President David Marcus said. “The Catalyst Award demonstrates our commitment and hard work to reinvent money by creating new and innovative products for our more than 143 million customers around the world. However, our commitment does not stop here, and the entire PayPal team is dedicated to creating the great new payments experiences that will benefit people far into the future.”
The award will be given to PayPal during a live ceremony at Harvard University on Thursday, March 20, after the conclusion of the two-day Innovation Project, which brings together innovators and executives to discuss the rapidly changing payments and commerce markets.
“PayPal is the standard in payments innovation that others seek to emulate,” PYMNTS.com President Karen Webster said. “We congratulate PayPal and its entire leadership team for its work in making digital and connected commerce a reality that we can all benefit from.”