Inside PayPal’s Big Plans to Keep Innovating

PayPal HQ

 

By Jeremy Quittner.

The way PayPal’s president and CEO Dan Schulman sees things, the company’s biggest opportunities are still in front of it, and they are gigantic. And even though the company is more than 15 years old and faces a host of competitors in the digital payments territory it helped create in the late 1990s, it has only just begun.

“We are just scratching the surface,” Schulman said.

In an interview at Northside Festival in Brooklyn, N.Y. on Friday, Schulman mapped out new territory for the ecommerce payments company, which spun off from parent company eBay  EBAY -0.35%  in 2015.

For starters, PayPal  PYPL 0.46%  wants to dominate payments by creating a platform that supports all forms of mobile technology and integrates quickly and easily with the payment systems used by merchants. The company also plans to let merchants interact more with their customers through apps and messaging, and reduce costs for consumers by charging lower fees than banks do for managing and moving money, Schulman said.

There’s still a formidable market to crack. Schulman said the global payments market is currently worth $100 trillion, and about 85% of payments still occur through cash. To put that in perspective, PayPal processed $278 billion in payments in 2015, generating revenue of $9.2 billion. The company counts 184 million customers, 14 million of whom are merchants.

Read more at Fortune.

 

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