Cryptocurrency Payments Soon ...

Cryptocurrency Payments Will Go Mainstream Soon – PayPal CEO

  • Shulman is considered a fan of all forms of digital currencies..

  • Cash is less and less used amid the impact of COVID-19.

  • According to the CEO of PayPal, the era of cryptocurrency payments is coming soon.

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PayPal CEO Dan Shulman believes cryptocurrency payments are poised to become part of the global financial system

In the face of the pandemic and the requirements for self-isolation, consumers are gradually abandoning the use of cash and switching to cash. This stimulates large-scale digitalization of all spheres of life and contributes to the growth of the popularity of digital currencies..

Paypal: the era of mass use of cryptocurrencies is coming

In an interview with New York Times columnist Andrew Ross-Sorkin at the Lisbon Web Summit, PayPal CEO said COVID-19 is accelerating the global spread of cryptocurrencies and digital payments..

According to Shulman, the process, which could drag on for three to five years, in the new conditions will take much less time..

Speaking of digital currencies as the new mainstream, Shulman noted:

“I think if we can create a new financial system based on modern technology, which is faster, cheaper, more efficient, we can increase financial inclusion, reduce the cost of making payments and, ultimately, improve the financial situation of many people […] So that in the long term I am very optimistic about all digital currencies “.

PayPal has recently become an active participant in the cryptocurrency space. In November, the head of PayPal said that the global adoption of digital currency is a matter of time. We should ask ourselves “when” it will happen, not “if”. In addition, previously BeInCrypto editors reported, that the payment giant is considering a possible takeover of the cryptocurrency custodian BitGo.

In October, the payment giant allowed cryptocurrency trading on its platform. According to a recent survey by Mizuho Securities, about 65% of PayPal customers are willing to use cryptocurrency for online payments.

Cryptocurrency Payments Soon ...

More than a fifth of the 346 million active customers of the company have already purchased digital coins on the platform.

Nobody canceled cash

Despite the possible surge in digitalization amid the coronavirus, cash is still in circulation, although its use is declining.

According to the European Central Bank (ECB) Consumer Payments report, cash remains the most popular means of payment in the region.

However, it also highlighted a significant shift in the payment culture among consumers, driven in large part by improved electronic payment channels and concerns that banknotes could contribute to the spread of the coronavirus..

Government policies to support cashless transactions have also prompted many companies to move away from cash..

Globally, many governments are already actively working to create their own digital currencies and encouraging their use..

Cryptocurrency Payments Soon ...

China, for example, prepares to launch a second real-world digital yuan test.

Russia is still among the laggards in this regard. The Central Bank is considering the possibility of issuing a digital ruble, but the project is still at the theoretical stage.


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Cryptocurrency Payments Soon ...

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