The digital wallet will play a key role in PayPal’s growth. The company intends to strengthen this direction, заявил its CEO Dan Schulman during the first-quarter 2022 earnings call.
“Disconnected parts of the economy are coming together, whether it’s purchases, payments, basic financial services. The digital wallet will become one of the key elements of how we drive engagement with customers. We will continue to develop it. Right now this is version 1.0. There will be versions 2.0 and 3.0. We have a number of goals on the roadmap that we really want to achieve this year”, we explained.
According to the executive, more than half of PayPal’s users have set up the company’s digital wallet. This cohort conducts 25% more transactions than those who do not use it. More than 70% of those who used the BNPL service did so via the digital wallet.
The churn rate for the company’s services (churn rate) in this category is 25% lower than that of the rest of PayPal’s customer base.
In July 2021, PayPal объявила the completion of the development of its cryptocurrency wallet.
In January 2022, the company said it was studying the possibility of launching its own stablecoin.
In February, PayPal сформировала a crypto advisory council. In Schulman’s view, the future financial system would intersect CBDC, stablecoins, digital wallets and cryptocurrencies.
Bitcoin buying/selling capability for users in the US was added in November 2020. In April 2021, the same service launched by PayPal’s mobile payments service Venmo.
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