iHodl.com
Main page News, Fintech, US Market, Crypto Market, Cryptocurrency
Hot topic
July 30, 2020

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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, Venmo Ready to Support Crypto

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.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.