PayPal CEO: I promise to further develop the functionality of the digital wallet
The company intends to strengthen this direction
The digital portfolio will play a key role in PayPal’s growth. The company intends to strengthen this direction, said its CEO Dan Shulman during a conference call after the results of the first quarter of 2022.
“Diverse parts of the economy began to unite, be it shopping, payments, basic financial services. Paypal’s digital portfolio will be one of the key elements in the way we stimulate customer engagement. We will continue to develop it. It is currently version 1.0. There will be versions 2.0 and 3.0. We have set a number of goals in the planning map that we really want to achieve this year.”
The top manager estimates that more than half of the users of the famous platform have installed the company’s crypto wallet. This category of users performs 25% more transactions than those who do not belong to it. More than 70% of BNPL users have done so through a digital wallet.
The withdrawal rate in this category is 25% lower than the rest of the company’s customer base.
Recall that in July 2021, PayPal announced the final result of the development of its wallet for cryptocurrencies.
Earlier this year, the company announced it was exploring the possibility of issuing its own stable coin. The popular payment system has formed an advisory board on digital assets. Schulman sees the future financial system as a crossroads of the CBDC, stable coins, digital wallets and digital currencies.
The company added the ability to buy / sell bitcoins to consumers in the United States in November 2020. In April 2021, the American mobile payment service, owned by PayPal, Venmo launched a similar option.