PayPal CEO Planning to Introduce Digital Wallets to Facilitate Stimulus Payments

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by Juhi Mirza · 2 min read
PayPal CEO Planning to Introduce Digital Wallets to Facilitate Stimulus Payments
Photo: PopTech / Flickr

PayPal is assessing ways to introduce digital wallets to deliver stimulus payments.

PayPal CEO Dan Schulman is evaluating  a move that will introduce a digital wallets system as a banking procedure where people will get their money transactions initiated with minimal efforts.

The company is planning to revise their existing bank system where consumers had to pay additional processing and execution fees to receive their transactions, instead, the company is now pursuing a new idea where consumers can receive instant payments in their digital wallets without having to pay any extra fee for the transaction initiated.

PayPal Might Introduce Digital Wallets to Ensure Quick Transaction Delivery

PayPal is assessing possible ways to distribute stimulus payments through digital wallets in a new significant move. In light of allocating the pandemic relief funds to general citizens, the US Government has been encountering issues related to obsolete technology, and hefty paperwork that is causing extreme delays in the concerned process. To combat such factors related to the dispersion of funds, PayPal’ Dan Schulman is considering introducing digital wallets where people can receive their money instantly without having to pay any extra charges such as processing fees being levied on them.

He further explained the process that instead of sending out stimulus funds checks, a sender can simply wire the transaction into the receiver’s digital wallet where it can be instantly processed. This function effortlessly eliminates the need to go for a check cash-in location and exchange process that is often chargeable.

PayPal Applauds the US’ Stance on Central Bank Issued Digital Currency

PayPal CEO Dan Schulman has openly expressed his support and has praised the US’ stance on acknowledging central bank-issued digital currency that can be sent through digital wallets. The move is said to expedite transactions and is already being used in China as a viable method of conducting payments.

Schulman further commented that there are many citizens in the US that do not possess optimized banking facilities, introducing digital wallets as a vital source of payments will effectively bridge the gap of having accessible bank services and also will prove to be an economical choice in terms of expenditure for the federal and state governments.

Schulman’s views regarding digital wallets have prompted speculations and assumptions contributing to the idea of whether the company will be introducing a fresh digital wallet system to avail payments in a systematic manner.

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Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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