Blockchain technology is developing very fast, with more and more inventions emerging every day. As the crypto technology is thriving, some people believe in its bright future. Dan Schulman, CEO of a worldwide online payments company PayPal, believes that in 20 years credit cards will no longer exist, as traditional methods of payment will be replaced by digital alternatives.
“Twenty years from now, there will be no more credit cards, really,” Schulman said at TheStreet’s Investor Boot Camp conference in New York. “Why have them when you can have a QR code or NCR tablet?”
Schulman, who became president of PayPal in 2014 and has been CEO since 2015, has also pointed at growth of the popularity of PayPal and its mobile payments platform Venmo. He also spoke about blockchain technology, revealing that while he is a believer in it, PayPal and Venmo do not offer cryptocurrency exchange in order to protect users.
“We don’t want to be a part of consumers losing large amounts of money,” Schulman said.
PayPal is is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, PayPal Smart Connect or account balances, without sharing financial information.
Founded in 1998, PayPal has quickly become a global leader in online payment solutions with more than 203 million accounts worldwide. Available in 202 countries and 25 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
PayPal allows users to transfer digital currency from the cryptocurrency platform Coinbase once it has been transferred into fiat currency, “but we’re not going to help mostly scammers hurt consumers around this,” Schulman added.
The mejor PayPal’s competitor is Amazon with its Amazon Payments, but according to Schulman, competition “is like gravity — there’s always competition around.”
“I never ever downplay what my competitor is doing,” Schulman explained. “I think we have a healthy degree of paranoia.”
Recently, PayPal released the findings of a new mobile-focused survey of consumers, which showed that 52 percent of mobile customers made more online transactions because PayPal was offered as a checkout option.
“PayPal is unique in that it’s the only payments player that operates at scale, globally, on both the consumer and merchant side of the ecosystem, with the ability to deliver great end-to-end buying experiences,” the company stated. “Because of this, we’re able to offer experiences that others cannot, and we can do so oftentimes without requiring merchants to do any additional integration work.”
While Dan Schulman is optimistic about the blockchain technology, former PayPal CEO Bill Harris considers Bitcoin to be a scam. According to Harris, “a Bitcoin has no value at all.” He claims Bitcoin is “a scam… a colossal pump-and-dump scheme, the likes of which the world has never seen.” But for many investors Harris is wrong.