PayPal: Society has Reached an Inflection Point, Moving From Physical Cash to Digital

Paypal, the payment processing giant, has recorded another strong quarter with $5.26 billion in the second quarter of 2020 and added 1.7 million merchants to its ecosystem. Paypal executives got on a call recently to discuss the future of cash, and during their discussion, they noted that society had reached an “inflection point” post COVID-19 outbreak.

The executives on the call claimed that almost 70% of their customer base now fears for their health when it comes to paying in cash as it requires physical contact. This is understandable given the coronavirus pandemic has not only brought businesses to a halt, but it has also created a sense of fear among common masses over physical contact.

John Rainey, CFO of Paypal, believes the fear of physical contact has accelerated e-commerce and contactless payment by many years in just one quarter.

PayPal owned Venmo has also seen explosive growth as the total number of users reaching 60 million users. The increase in the use of Venmo is a big boost for PayPal’s plan to become the leader in the digital payment arena. Venmo was earlier used just for splitting bills, but in recent times the use case has expanded to a broader domain.

Paypal to Invest Heavily to Improve its Digital Wallet

Paypal being the payment and remittance giant does not want to miss out on the changing times and the changing dynamics in the payment arena. This is the reason they have decided to invest in their digital wallet service to ensure it is the go-to digital wallet for consumers. Paypal is also promoting the use of a QR code-based payment option through its merchants and Venmo app.

Paypal revealed that they are expecting to grow their revenue by 25% for the rest of the year.

They have also decided to finally venture into the digital asset offering through its platform, which the company has sidelined for quite some time. The payment giant has partnered with Paxos to avail of the purchase of digital assets from within the app.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,470FansLike
2,795FollowersFollow
4,233FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today