The global payments giant PayPal’s senior executives revealed more details about its plans to boost the crypto sector next year during its third quarter 2020 earnings call. company, including the central bank’s digital currency assistance scheme (CBDC).
“It is clear that the world is rapidly moving from physical to digital,” PayPal CEO Dan Shulman emphasized the increasing rate of change in the payments and financial services sectors.
Citing discussions with central banks, regulators and industry leaders, Shulman asserted: “There is no doubt that digital currencies will increasingly becomes important, has increasing functionality and increasing prominence ”.
“CBDC […] It is a matter of when and how they are done, not if “.
PayPal̵7;s chief executive said that through its size and prominence, the company would “help shape the utilities of [CBDCs], ”Including facilitating interoperability with existing payment lines and promoting adoption among merchants. Shulman also described the legacy financial system as “inactive” for many ordinary people.
“I think our platform and all the new digital infrastructure we’re adopting right now can make money management and transfer more efficient, less expensive, and faster. “
Last month, PayPal announced it would roll out services allowing customers to buy, sell and hold crypto assets, sending positive feedback on the cryptocurrency market. The rollout will also see crypto assets backed by PayPal’s merchant network of 28 million vendors.
During the call, PayPal executives highlighted the power of demand for crypto services from their customers, with its chief executive noting: “Our facility is very expect us to offer these possibilities.
While only 10% of PayPal’s US users have access to its cryptocurrency services, Shulman notes that the rest of the country is expected to be online before December.
“Our waiting list is two to three times what we expected.”
“We see people who have bought cryptocurrencies open their wallets several times a day to check what is happening with their crypto investments,” he added.
In response to the demand, Shulman announced that PayPal will increase the weekly crypto purchase limit from $ 10,000 to $ 15,000.
Shulman also revealed that PayPal’s virtual currency services will be made available to international customers, along with the launch of the Venmo mobile payment app, in the first half of next year.
“Over the next year, you will see us move into a number of different areas,” added the CEO.