PayPal’s President/CEO Dan Schulman says that the world has reached the era of virtual currencies.
An interview of PayPal’s President/CEO Dan Schulman had been recorded by Andrew Ross-Sorkin, a columnist at the New York Times. At least more than hundred-thousand people attended this interview in an online Tech Conference for 2020. During the interview, Schulman told the world had now entered into the era of virtual currencies.
He added that receiving and sending payments through crypto will soon become a general trend. He also said that the ongoing pandemic had forced people to use unorthodox payment methods. Resultantly, people had now become non-reliant upon the traditional payment mechanisms and fiat currencies for sending or receiving funds.
Schulman also told that in normal circumstances, it would have taken years for people to understand that they can abandon cash. But the pandemic had done the job in months only.
He continued by saying that there had been various advantages of using crypto for sending and receiving payments. He said for example that the crypto is based on modern technology which is advanced as well as unique. Secondly, he said that the transactions done through the use of crypto are not only efficient but also cheaper and quicker. Thirdly he stated that there are no intermediaries when a person is sending a transaction through crypto. He concluded by explaining that there is no doubt that crypto is a diverse financial system and need of the hour.
Very recently PayPal had inducted cryptocurrencies in its electronic payment system. It was announced by PayPal that crypto services will be rendered to US consumers initially. However, PayPal had indicated of launching full-scale crypto services for global consumers as well in the coming year.
After PayPal’s announcement, the use of cryptocurrency had been increased substantially and so is the business of PayPal. The value of PayPal’s stocks went instantly high as well as the value of Bitcoin increased significantly.
There are currently over 286 million users of PayPal around the globe. It had been told by PayPal that by 2021, it would be able to provide global crypto services. At least 28 million merchants will be at customers’ disposal who will accept cryptocurrencies as payment diverted through PayPal.