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PayPal CEO says cash and credit card transactions to decline in the next five to ten years.

PayPal drops rumored deal with the crypto firm BitGo.


Dan Schulman, CEO of PayPal, hinted at future developments for PayPal’s crypto offering during Forbes’ “2021 Blockchain 50 Symposium: Crypto Goes Corporate,” an online event that took place on April 13. During a fireside chat with Michael del Castillo, associate editor at Forbes, Schulman mentioned that the financial system would undergo more changes over the next five years compared to the progress that has been made in the previous 30 years.

 

PayPal CEO says bitcoin will lead the way.

PayPal CEO noted that digital currencies, like Bitcoin, will lead the way, mentioning that there will be far fewer cash and credit card transactions in the next five to 10 years. Schulman said: “We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies. I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.”

 

Schulman noted that today’s financial system is relatively inefficient. 

According to the PayPal CEO, one of the biggest challenges facing society today is the fact that millions of people everywhere are being excluded from today’s financial system. This has become especially apparent in the United States, as Americans with bank accounts have started receiving their latest round of economic stimulus checks via direct deposit. Schulman noted that the current financial system is relatively inefficient, mentioning that it takes too long to receive money, which is even more challenging for lower-income individuals. “It’s not inclusive at all,” he said. To solve these issues, Schulman explained that PayPal’s crypto offering, which went live later last year, will eventually allow users to do more than buy, sell, and hold Bitcoin, Litecoin, and Bitcoin Cash. 



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