PayPal CEO, Daniel Shulman stresses how the company must keep up with current trends as the COVID-19 Pandemic continues to cause chaos
PayPal, one of the most popular online payment gateways announced that this year alone they have made record-breaking revenues of more than $5.25 billion. After this report was released, the companies stock value made a huge jump, increasing by 5%.
It appears the COVID-19 pandemic has created an environment where digital payments are the way forward as users turn away from cash for fear of germs being on physical money.
As we move forward as a society in this digital world, CEO of PayPal, Daniel Shulman stated that PayPal will have to react accordingly to the changes coming and modern technology will be the way payments are processed throughout the world, meaning cryptocurrency could very well be in their sites as people adapt to different strategies of paying.
Although the pandemic is terrible news for everyone regarding physical health, it certainly has helped technical businesses succeed as more people stay at home and use the internet to purchase items.
PayPal CFO, John Rainey said in his latest statement that PayPal should be taking advantage of the situation to not only help the company succeed but to help users switch from physical money to digital:
“It’s where those two come together that really create opportunities like PayPal to really expand the suite of financial services to large swaths of the population that are really underserved by how we characterize that today.”
Even though it isn’t clear what PayPal plans for cryptocurrency, it does seem likely that Bitcoin and other digital currencies such as Ethereum will make an appearance to their suite of services as they recently partnered with a company called Paxox, which is known for selling stable coins.