PayPal to expand the functionality of its crypto wallet
The company’s customers make 25% more purchases through its digital wallet app
28.04.2022 - 12:00
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What’s new? PayPal plans to develop the functionality of its digital wallet. The app should play a key role in the company’s growth, PayPal CEO Dan Schulman said during a conference call. The top executive estimated that more than 50% of PayPal users have installed the crypto wallet app.
PayPal’s conference transcript
What else did Schulman add? According to PayPal, digital wallet users make 25% more purchases. More than 70% used the Buy Now, Pay Later service through the app. Also, the percentage of return of goods in the crypto wallet has dropped by 25%. Shulman stated:
“We will advance our payment leadership and continue our work on the digital wallet to make PayPal’s tools more personalized and convenient."
What had happened before? In February, PayPal announced the creation of an advisory council on cryptocurrencies and blockchain. The division will implement innovative technologies in the field of digital assets.
Dan Schulman also said that cryptocurrencies may reform the financial system. He believes that the real potential of digital assets lies in payments, not trading them.
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