Post by Dave on Feb 12, 2021 2:36:29 GMT -8
Good morning, it’s Friday. The pre-market is red this morning at -$0.40 at this moment.
PayPal Looks to Stock Trading, Savings in Push Past Checkout
“The times, they are a changin’.”
PayPal Looks to Stock Trading, Savings in Push Past Checkout
(Bloomberg) -- PayPal Holdings Inc. is weighing a foray into stock trading and high-yield savings accounts as the firm pushes beyond its iconic checkout button.
The payments giant expects the number of active users on its sprawling platform to climb to 750 million by the end of 2025 -- roughly double the current level -- as it expands into new areas of financial services, Chief Executive Officer Dan Schulman said Thursday at the company’s investor day. With its latest plans, PayPal aims to become the world’s next financial super-app, akin to Chinese firms Alipay and WeChat Pay.
“There’s few companies in the world that can even aspire to this vision,” Schulman said. “It requires capabilities that cross industries, from financial services to payments to shopping to technology.”
PayPal is coming off a record year, when spending on its platform soared 31% as consumers turned to online shopping in droves after the pandemic shuttered stores around the globe. The firm added 72.7 million users during the year as revenue climbed to $21.5 billion.
The performance came even as PayPal’s main business of speeding up the online checkout process has seen intense competition from the likes of Apple Inc. as well as payment giants Visa Inc. and Mastercard Inc. Still, it’s an area PayPal dominates: The firm’s button has been added to nearly three-quarters of the leading U.S. retail sites, according to a survey last year by Pymnts.com.
The payments giant expects the number of active users on its sprawling platform to climb to 750 million by the end of 2025 -- roughly double the current level -- as it expands into new areas of financial services, Chief Executive Officer Dan Schulman said Thursday at the company’s investor day. With its latest plans, PayPal aims to become the world’s next financial super-app, akin to Chinese firms Alipay and WeChat Pay.
“There’s few companies in the world that can even aspire to this vision,” Schulman said. “It requires capabilities that cross industries, from financial services to payments to shopping to technology.”
PayPal is coming off a record year, when spending on its platform soared 31% as consumers turned to online shopping in droves after the pandemic shuttered stores around the globe. The firm added 72.7 million users during the year as revenue climbed to $21.5 billion.
The performance came even as PayPal’s main business of speeding up the online checkout process has seen intense competition from the likes of Apple Inc. as well as payment giants Visa Inc. and Mastercard Inc. Still, it’s an area PayPal dominates: The firm’s button has been added to nearly three-quarters of the leading U.S. retail sites, according to a survey last year by Pymnts.com.
“The times, they are a changin’.”