The CEO of PayPal predicted that in the next five to 10 years, there will be many changes in the financial system, compared to the last two decades.
He also noted that the demand for cryptocurrencies exceeded PayPal’s initial expectations after the company began cryptocurrency transactions in late 2020.
Demand for cryptocurrencies has been several times higher than we initially expected,” PayPal CEO and CEO Dan Schulman told Time magazine in an interview with Time magazine on Sunday. There is a lot of excitement.”
Existing financial infrastructure needs to be modernized, Schulman said. This system is inefficient today due to the high cost and slowness of international transactions. The CEO predicted that the financial system would be ready to see more change in the next five to 10 years than in the past two decades.
“In the next ten years, you will see a dramatic decline in cash use,” he said. All payment invoices are included in the mobile phone. Credit cards will disappear as a payment invoice and you will use your mobile phone. Because mobile phones can add a lot more value than just tapping on your credit card. ”
As people stop using paper money, central banks need to reconsider their monetary policy, Schulman said. The central bank said digital currencies could benefit from emerging technologies such as distributed head office. “But they are essentially digitizing Fiat currency, like the US dollar,” Schulman noted.
PayPal announced its plans to introduce the ability to buy, hold and sell a number of cryptocurrencies, including Bitcoin (BTC) and Atrium (ETH), in October 2020. When the new feature launched in the United States in mid-November 2020, bitcoin was trading at around $ 16,000. After that, the world’s largest cryptocurrency faced a massive rally, pushing its price to a new all-time high of more than $ 64,000 in April.
Amid rising prices and demand for cryptocurrencies, PayPal continued to expand its cryptographic services to customers, launching its cryptographic exit services in late March to enable traders to pay. Last week, PayPal introduced the Venmo payment platform for cryptocurrencies for four popular cryptocurrencies, including Bitcoin, Atrium, LightCoin and BitcoinCash.
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