American company operating a worldwide online payments system, PayPal Holdings, Inc., believes the epoch of money has come to an end as society has reached the so-called "death of cash" point.
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During a Q2 2020 earnings call with investors, PayPal President and CEO Dan Schulman said the world has already transformed from physical to digital across multiple industries including retail.
"Merchants are embracing a digital-first strategy, and these trends have fueled the rapid rise of digital payments," Schulman said.
Schulman added PayPal is planning to become a central player in the future of the digital economy within the next five years.
PayPal Chief Financial Officer John Rainey also considered the possibility the society has reached the death of cash inflection point.
"And certainly, I think, it's it gives us cause to rethink the medium-term guidance. But it's definitely premature to do that at this point in time," Rainey pointed out.
PayPal's executives did not mention cryptocurrencies during the call, but admitted the world is clearly becoming a digital one.
Earlier, iHodl reported PayPal entered into a partnership with the crypto firm Paxos to launch a cryptocurrency service.
However, neither PayPal nor Paxos have officially announced the partnership yet.
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