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PayPal Holdings (NASDAQ: PYPL) CEO Dan Schulman: “Rise of Digital Wallets Will Drive PayPal’s Growth”

PayPal Holdings (NASDAQ: PYPL) CEO Dan Schulman: “Rise of Digital Wallets Will Drive PayPal’s Growth” | The Marteq Alert | Scoop.it
Finally, I’d like to discuss our recent announcement to increase the utility of cryptocurrencies, as well as embrace new forms of Central Bank digital currencies. We are entering a new era of financial services where our wallets and all the services around them are moving from physical to digital. These include identity management, new forms of commerce and fully digital payments and financial services. As such, we recently announced that PayPal will allow account holders to buy, sell and hold cryptocurrencies first, in the U.S. and then expanding to international markets in the Venmo platform in the first half of next year.

Importantly, we are doing this in close partnership with regulators. As you saw, the New York Department of Financial Services granted PayPal, a first of its kind conditional bit license. With this foundation in place, we will rapidly move at the beginning of next year and allow consumers to use cryptocurrencies as a funding instrument to shop across all 28 million of our merchants. This solution will not involve any additional integrations, volatility risk or incremental transaction fees for either consumers or merchants and will fundamentally bolster the utility of cryptocurrencies. This is just the beginning of the opportunities we see as we work hand in hand with regulators to accept new forms of digital currencies…”
CYDigital/marteq.ios insight:

Straight from the source. What's especially exciting is the level of simplicity that will be built-into the PayPal digital wallet. 

 

This is a huge step towards the massification of crypto, opening it up to all types of brands to adopt it as the basis for digital rewards.

 

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Cryptocurrency Trading On PayPal Now Available - PYMNTS

Cryptocurrency Trading On PayPal Now Available - PYMNTS | The Marteq Alert | Scoop.it
PayPal announced in a press release Thursday (Nov. 12) that all PayPal users can officially hold, buy and sell cryptocurrencies on the app, a feature that previously had been waitlisted for many users.

The feature was first introduced on Oct. 21 after PayPal was approved for a BitLicense from the New York Department of Financial Services in June, but it is now officially available for all PayPal users. Users will also be able to make payments at any of PayPal’s 26 million merchants using cryptocurrency beginning in 2021, the release stated.

Due to the demand from users for the service, PayPal has also increased the weekly purchase limit from $10,000 in cryptocurrency to $20,000, according to a statement emailed to PYMNTS. There are no service fees for holding cryptocurrency in a PayPal account, and no fees for trading it through Dec. 31.

The move brings cryptocurrency further into the mainstream, thanks to PayPal’s large size and reach. The company has 346 million active accounts and processed over $222 billion in payments in the second quarter, PYMNTS previously reported.
CYDigital/marteq.ios insight:

The operative phrase" "Due to the demand from users..." It's a mistake to think that consumers are not ready for cryptocurrency as the basis for digital rewards!

 

See how extended zero-party data is your greatest marketing resource...tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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How PayPal’s approach to crypto payment breaks with precedent - PaymentsSource

How PayPal’s approach to crypto payment breaks with precedent - PaymentsSource | The Marteq Alert | Scoop.it

"Unlike certain other payment networks working with third parties to enable cryptocurrency transactions, PayPal users will be able to buy, hold, sell and make purchases at 26 million merchants with cryptocurrencies directly from their PayPal account, the San Jose-based company announced on Wednesday.

 

PayPal also said it has obtained a conditional Bitlicense from the New York State Department of Financial Services, which could open additional doors for PayPal. The conditional Bitlicense allows companies like PayPal to partner with already licensed companies — Paxos in this case — to bring services to market more quickly, a PayPal spokesperson said by email.

 

PayPal’s move to enable cryptocurrency transactions is a significant turning point for crypto to finally begin to leave the shadows and go mainstream."

CYDigital/marteq.ios insight:

More on the PayPal move into crypto. Watch for further moves by PayPal to expand its footprint, possibly even become an exchange. Two things happening: (1) PayPal legitimizes crypto; and (2) Competitors will also enter the space.

 

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Why PayPal Could Kickstart Bitcoin Mass Adoption - Decrypt

Why PayPal Could Kickstart Bitcoin Mass Adoption - Decrypt | The Marteq Alert | Scoop.it

Online payments giant PayPal sent shockwaves through the crypto community today, announcing that its customers will soon be able to buy, sell and spend Bitcoin and other cryptocurrencies. As well as sending the price of Bitcoin soaring, it’s being hailed as a watershed moment for the wider cryptocurrency industry.

According to Statista, the number of active PayPal user accounts reached 346 million in the second quarter of 2020. Even if the new crypto features will only be available to US residents initially, that’s still a significant number of people that will be exposed to crypto, many for the first time.


As data collected by Australian digital marketing agency E-Web Marketing shows, roughly 43% of PayPal users are from the US, while 87% of millennials in the US use PayPal for receiving and sending money. This means that at launch, around 150 million people will be able to buy, sell and spend cryptocurrencies within the familiar environment of their PayPal wallets.

CYDigital/marteq.ios insight:

If you still don't think crypto can play a role in the economy, think again. This is significant, and a watershed moment that validates cryptocurrency. All of a sudden, it's mainstream.

 

See how extended zero-party data is your greatest marketing resource...and you can tap into it right now!: http://un.marteq.io/WP1/ #martech #marketing

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