PayPal confirms its participation – Fintech PayPal has fully embraced the changeover of cryptocurrency. PayPal began its foray into digital assets by adding Bitcoin and 3 other digital currencies to its platform. A month has passed since the company offered its users to pay for their online purchases with cryptocurrencies. The first user of this service was Dan Shulman, CEO of PayPal, who demonstrated the ease with which he was able to replace his favorite boots by paying for a purchase in bitcoin. In an interview with TIME, Shulman returned to integrating digital currencies into the PayPal ecosystem.
“The demand for cryptocurrency has far exceeded our initial expectations.”
IN COVID-19 pandemic was catalyst for change our way of life, focusing on the digitalization of the economy. On the one hand, various restrictions forced us to make all purchases of non-food items via the Internet. On the other hand, the use of cash has dropped significantly, for health reasons, in favor of using bank cards and paying by phone. This trend towards dematerialization definitely was beneficial to PayPal… In accordance with Dan Shulman, growth of digital assets is logically part of this main trend, therefore PayPal multiplies initiatives crypto…
Schulman pointed out that the current financial system is becoming outdated due to slowness transactions and their high price :
“In the next 5-10 years, the financial system will experience more changes than in the last 20 years. […] It needs to be modernized because today it is ineffective. If you are cashing a check, it sometimes takes three days to receive the amount. If you are making an international money transfer, it can take up to seven days to manage your money. And it costs too much. The collection rate in the global financial system is about 2.8%. […] Therefore, when we consider this system to be expensive, isolated and ineffective, it becomes obvious that we need to think about how to modernize this system. “
Dan Shulman, CEO of PayPal
Finally, Schulman brings up the topic of digital central bank currencies (MNBC). It seems that the CEO of PayPal is supporting the emergence of these currencies without considering them revolutionary. Digitizing traditional currencies could open up new possibilities, like sending famous federal checks directly to users’ PayPal wallets, rather than emailing them, he said.