Why PayPal’s CEO Predicts Bitcoin Will Change The Financial System In The Next Decade

2021-4-27 21:03

In an interview for TIME magazine, PayPal’s CEO Dan Schulman talked about the payment processor expansion of its crypto service. The executive expects a transformation of e-commerce into a personalized experience and “contextual” purchases driven by social media platforms. Bitcoin could spear point such a change and take it to the entire financial system.

Schulman believes 2020 was a crucial year that accelerated “the trend of digital payments by as little as three years and maybe as much as five years”. Due to the pandemic Covid-19, many decided to use PayPal and similar platforms to make their everyday purchases.

Data shared by Schulman claims that PayPal made 15.4 billion payments with an estimated value of $936 billion last year. This trend could be increased in 2021 to meet the demand of PayPal’s 300 million estimated users.

Over the next 10 years, PayPal’s CEO believes cash as a form of payment could see a decline in usage. Its detriment will also affect credit cards and the universally utilize forms of payment, like credit cards, checks, and wire transfers. Digital payment can “add more value”, according to Schulman. Predicting a benefit for Bitcoin and digital currencies, he said:

And so when all of those things start to happen, then central banks need to rethink monetary policy as well, because you can’t just issue more paper money into the system because people aren’t using paper money. And so this is the advent of digital currencies.

Bitcoin Will Rise With “SuperApps”

The executive classified the legacy financial system as “inefficient” and called for ways to “modernize it” for it to be more inclusive and cost-efficient. On average, a transaction on this system can have an average 2.8% fee. Therefore, many must transact outside of it, Schulman said:

(…) you’d expect with volume and technological improvements that would drop, but the worst part about the 2.8% is that if you have less income, or are outside of the system, and you’re not affluent, then that take rate is like 1,000 basis points; it’s not 280 basis points (…). Is there a way that you can do things more efficiently, with less cost, more inclusively, and add more utility into the system?

Central bank digital currencies (CBDC) could be a tool to achieve this goal. For example, a digital version of the U.S. dollar could allow the government to “open up Fed funding” with PayPal’s platform. In that way, citizens could receive aid directly to their digital wallet or pay taxes with a simple mechanism.

PayPal’s crypto service has been under review since 2014, but only recently launched. Schulman believes that cryptocurrencies have too much volatility and low awareness. Now, the timing seems to have been perfect.

In 10 years, PayPal and Bitcoin could be integrated with one of “six to 10 super apps”. These will work as a bridge, connecting people with other applications. Thus, users could have more control over their data and the way they interact with products or services. On the demand for Bitcoin and other cryptocurrencies, Schulman said:

Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.

At the end of March 2021, the payment processor integrated a crypto checkout for its users in the U.S. During the year, PayPal will most likely expand its offer to international customers. Due to the nature of its BitLicense, granted by the state of New York, the company must hold BTC, ETH, LTC, in a 1:1 parity with its users.

Therefore, more demand for BTC or any other crypto on PayPal creates direct buying pressure on the market. BTC is trading at $53.950 with 8.7% profits in the daily chart. In the weekly and monthly chart, BTC still has 3.6% and 1.4% losses, respectively.

BTC recovering in the daily chart. Source: BTCUSD Tradingview

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ceocoin (CEO) на Currencies.ru

$ 0.00304614 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 CEO

paypal ceo e-commerce personalized transformation experience crypto

paypal ceo → Результатов: 115


PayPay CEO: Bitcoin Support Will “Fundamentally Bolster” Crypto “Utility”

Bitcoin adoption metrics are reaching all-time highs, and the crypto asset’s price has been on a steady ascent higher since PayPal announced it would be supporting cryptocurrencies. But according to the company’s CEO, their support will “fundamentally bolster” the “utility” of cryptocurrencies by making them more accessible to the mainstream masses. Here’s how the payments […]

2020-11-5 23:00


Фото:

Майк Новограц уверен, что примеру PayPal последуют Visa и Mastercard

После того как о начале поддержки биткоина и ряда других криптовалют объявила платежная компания PayPal, ее примеру в будущем последуют такие гиганты рынка, как Visa, Mastercard и American Express. Такое мнение в интервью Bloomberg высказал CEO Galaxy Investment Майк Новограц.

2020-10-25 11:10


Криптомир за неделю: Китайский FUD и пенсионные биткоин-фонды

В конце недели мы подводим итоги того, о чём писали эти семь дней, и собираем всё, что актуально для поклонников криптовалют и децентрализованных технологий. На этой неделе майнинговая компания Canaan привлекла $90 млн на IPO в США, а также стало известно о том, что CEO компании PayPal ходлит BTC. Резкое падение цены биткоина многие связали […]

2019-11-24 11:34


CEO PayPal Дэн Шульман хранит Bitcoin

Генеральный директор одного из крупнейших и наиболее авторитетных в мире процессоров онлайн-платежей PayPal Дэн Шульман рассказал в интервью, что владеет биткоинами и не имеет других криптовалют. Также он высказался о Libra и о том, почему его компания решила выйти из проекта.

2019-11-21 15:02


CEO PayPal рассказал о выходе из проекта Libra и признался, что владеет биткоинами

Дэн Шульман, CEO компании PayPal, в интервью для Fortune признался, что хранит биткоины. В интервью обсуждались различные темы, в том числе выход PayPal из проекта Libra. Шульман объяснил, что PayPal вышла из Libra, потому что компания решила направить свои ресурсы на развитие собственных инициатив.

2019-11-21 14:16


CEO PayPal назвал причину выхода компании из проекта Libra

PayPal вышла из проекта Libra, чтобы сосредоточиться на собственном бизнесе, а не из-за регуляторных опасений. Об этом генеральный директор компании Дэн Шульман заявил в интервью Fortune. По его словам, Libra нацелена на расширение доступности финансовых услуг.

2019-11-21 11:53


Глава PayPal хранит биткоины (и только биткоины)

Дэн Шульман, CEO компании PayPal, в интервью для Fortune признался, что хранит биткоины. В интервью обсуждались различные темы, в том числе выход PayPal из проекта Libra. Шульман объяснил, что PayPal вышла из Libra, потому что компания решила направить свои ресурсы на развитие собственных инициатив.

2019-11-21 11:22


Марк Цукерберг рассказал, при каких условиях Facebook выйдет из состава Ассоциации Libra

CEO Facebook Марк Цукерберг в эту среду выступил в Конгрессе США, где подтвердил готовность своей компании выйти из основанной ею Ассоциации Libra, если проект будет запущен преждевременно без необходимых регуляторных одобрений.

2019-10-24 09:03


Zuckerberg releases planned testimony for Libra hearing

Ever since Facebook’s Libra project hit it first regulatory roadblock during development, key players including PayPal, MasterCard and Visa have pulled out from the Libra Association. As a part of the ongoing efforts to legally launch the controversial cryptocurrency, Facebook CEO Mark Zuckerberg will be testifying about Libra at a hearing held by the House […] The post Zuckerberg releases planned testimony for Libra hearing appeared first on AMBCrypto.

2019-10-22 21:39


Coinbase CEO: US Should Reconsider Ridiculous Stance on Libra as Project Partners Jump Ship

Facebook’s ambitious crypto project Libra is running out of steam as it gets hounded by regulators and governments around the world. The social media giant was dealt another blow yesterday when major project partner PayPal announced that it was jumping ship, but the Coinbase boss thinks the US should reconsider its negative stance.

2019-10-5 09:00


Remittance Ripoff PayPal Will Die Where Facebook’s Libra Succeeds

Facebook set the cat among the pigeons earlier this year when it revealed its cryptocurrency project – Libra. CEO Mark Zuckerberg scared the living daylights out of governments and private corporations alike with his ambitious project that aims to make sending money “as easy as sending a photo,” so it is not surprising to see […] The post Remittance Ripoff PayPal Will Die Where Facebook’s Libra Succeeds appeared first on CCN.com

2019-9-17 16:50


Bitmex CEO: Libra Will Destroy Traditional Commercial Banks And PayPal Is Screwed Anyway

Reactions have continued to trail Facebook’s official announcement of its own digital asset called the Libra and its governing body, The Libra Association. Since the announcement was made and its whitepaper released, reactions have been mostly mixed with some applauding the move as a huge win for the cryptocurrency sector because a giant player like […]

2019-7-11 17:24


Фото:

Чем Биткоин лучше Visa? Ответ эксперта

Биткоин — выгодная альтернатива традиционным платёжным системам вроде Visa или PayPal. В своём недавнем интервью CEO ShapeShift Эрик Вурхис заявил, что криптовалюта является отличной заменой всем существующим ныне сервисам.

2019-4-20 20:00


Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development!

In a heated debate on Twitter, Financial advisor and XRP enthusiast Tiffany Hayden was embroiled in a discussion around the price of XRP. CCN News initially tweeted an article regarding PayPal Director Xapo CEO Wences Casares stating ‘One Bitcoin Could Exceed $1 Million in 7-10 years” The tweet caught the attention of many followers quite […] The post Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development! appeared first on ZyCrypto.

2019-4-16 09:50


Ripple’s technology is used for transferring billions of dollars around the world, says CEO Brad Garlinghouse

Brad Garlinghouse, the CEO of Ripple, spoke about the payments network around the world on a panel with PayPal’s CEO, Daniel Schulman, at the FinTech Ideas Festival 2019. Garlinghouse said that the existing payment networks are slow and inefficient and that they need an upgrade since transferring money across border takes days, despite innovations in […] The post Ripple’s technology is used for transferring billions of dollars around the world, says CEO Brad Garlinghouse appeared first on AMBCrypto.

2019-4-4 14:30