- The CEO of PayPal intends to update the platform by introducing technologies such as blockchain and decentralization to improve efficiency and decrease the overall cost and fees.
- PayPal seems reluctant to hold Bitcoin (BTC) as a financial asset due to its irregular ups and downs.
- Dan Schulman has excellent plans for developing PayPal into a “super app” by combining several services that people are currently using in multiple apps into one platform, PayPal, including the crypto-related services.
On a program focusing on the crypto asset, i.e., virtual currency, Decrypt; Dan Schulman, the President and CEO of a US-based company operating an online payments system in the majority of countries, PayPal Holdings, Inc. announced his future business policy regarding cryptocurrency and his views regarding the purchase of bitcoin as a company.
Changes in the Business Policy
The American business executive mentioned that both private companies, like PayPal, and government companies, like central banks, alike, which currently are still operating on the traditional modes of the transaction, are contemplating an update to grow with the latest trends. Introducing technologies such as blockchain technology and decentralization to the online payment system could prove great profit. Such technologies can very well decrease the overall cost and reduce the consumers’ transaction charges or fees. However, even with the introduction of technologies, the industry hasn’t shown much increase in the industry’s average commission in the previous decade (around 2.8%).
Schulman said he wants to prioritize building a next-generation infrastructure and walk hand-in-hand with the ever-growing new technologies. As per him, PayPal aims to provide a faster, cheaper, and more equally accessible payment system. And the technologies consisting of cryptocurrencies can prove to be a great asset to achieve such. He intends to acquire new human resources and capabilities to evolve the payment system and regulators, governments, and consumers.
“Bitcoin purchase has a low priority” – Dan Schulman
The volatile behavior of bitcoin seems to be a significant concern to the CEO. Schulman says, “Bitcoin purchase has a low priority.” He says he doesn’t like investing in assets with ups and downs in terms of price. He isn’t strictly opposed to the idea of investing in the crypto market. Instead, he wants to keep his options open to acquire other companies, including crypto-related companies.
The “super app” PayPal
As per Dan Schulman’s idea of development, he targets to transform PayPal into a “super-app” that comprehensively provides various functions such as payment, social network, and commerce platform. The bright CEO happily informs that PayPal has grown to 377 million accounts globally. However, there’s still much to improve and enhance to achieve his goals.
Schulman plans to combine the various functions that people are currently using in multiple apps into one platform, PayPal, including the crypto-related services. As he told the financial media about his idea about the “super app”:
“Enjoy many digital services in one app and pursue what allows you to manage and track all your transactions in one place.”
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