PayPal CEO Says Its Users Are Very Eager For Crypto Services

PayPal CEO Says Its Users Are Very Eager For Crypto Services

CEO of Paypal, Dan Schulman, has said that the shortcomings of the financial system are pushing people and making them turn to digital assets.

In his statement, Schulman said that the financial system has been inefficient for too long and is currently pushing out millions of people. In his assertion, he noted that it was one reason why his firm decided to venture into the crypto space.

Notably, PayPal announced a few weeks ago that its customer base would be allowed to trade, store, buy and sell crypto right from their PayPal accounts by January 2021.

The pandemic showed that the global financial system is failing

In his statement, Schulman noted that the pandemic has shown that billions of people worldwide struggle to get the basic things of life. Furthermore, he said the financial system currently being adopted by institutions worldwide is failing most people, especially the underprivileged.

“The pandemic has brought focus to the stark reality that billions of people across the world are struggling to get by. In fact, in the past nine months, over 100 million adults moved into extreme poverty. The current financial system is just not working for most people. It’s inefficient and expensive for the underserved,” Schulman said.

Schulman also said that the current modern technology is trying to create something that the traditional financial institutions will never be able to create. He noted that the new technology would favor the underprivileged when it comes to financial inclusion.

Notably, central banks worldwide are trying to develop their state-backed digital currency as the use of cash continues to decline.

“As the use of money continues to decline, central banks worldwide are seriously exploring or even trialing forms of retail digital currencies that they issue directly. And it’s also clear that digital wallets are a natural complement to all forms of digital currencies,” Schulman said.

PayPay experiences massive patronage after crypto services launch

Schulman also said that coming with the launch of crypto services for its customers, it is launching a new digital wallet and has plans to embrace Central Bank Digital Currencies when they become official entirely. According to the CEO, PayPal will ride on the economy’s digitization to increase its popularity and growth in years to come.

Schulman also announced that about 10% of its customer base in the US already has access to the new crypto services. At the same time, the remaining population will access the services in the coming weeks.

In the CEO’s words, their customer base “cannot wait to start using the new crypto service”. the CEO also said that the company had been forced to increase their weekly purchase limit by 50% due to the massive patronage experienced.

“We are investing in creating one of the most compelling, inexpensive digital wallets in the world, and you can see this beginning to play out in our strong Q3 results,” Schulman said. Schulman said this while talking about the strong volume recorded in Q3 by the company.

David Pražák