Dan Schulman, the current Chief Executive Officer of the U.S based payment processing company PayPal, had recently stated that credit cards are eventually going to “go away.” It had been during an interview with TIME Magazine yesterday, on April 25th, that Dan had claimed that the demand for cryptocurrency and its continued implementation into the current financial systems is overwhelming and that as far as PayPal goes, the company’s crypto offering experienced massive success as of late.
The comments by the PayPal CEO come at a time when interest in cryptocurrency is at an all-time high, with countries and companies all over the world scrambling to implement blockchain technology into their every day business-related activities and transactions, whereas investors are striving to hold as many different altcoins as they can. The ongoing global pandemic has also contributed heavily towards people having to procure an alternative means of income, which has taken the form of cryptocurrency for many.
‘Crypto demand is greater than we thought, says Schulman
According to the PayPal CEO, demand for cryptocurrency offerings via PayPal has never been greater than it is right now. “Not only has the demand been multiple folds, but it is also much higher than what had been expected initially,” Schulman added. He also stated that the company has been observing the cryptocurrency industry for some time now, nearly six years.
The reason why PayPal was hesitant towards investing in crypto, however, was because it wanted to wait and see how the digital space would develop over time and whether it was worth the investment. Now, six years later, the company is taking full advantage of the cryptocurrency craze, which eventually culminated in its crypto offering service.
PayPal waited for crypto to become mainstream before adopting it
PayPal desires to work alongside different regulators in order to ensure the continued quality of the services that it does provide, which are related to cryptocurrency. It is for this reason that the company decided to wait until the adoption of cryptocurrency was considered mainstream before investing in it.
Furthermore, Schulman believes that the entire global financial landscape will experience a seismic shift in the years to come. He further claimed that not only has the current financial system already become outdated but that credit cards are going to be done away with and that mobile and smartphones will be the ones to replace them in the not-so-distant future.