PayPal could be to central bank digital currencies (CBDCs) what private banks are to physical dollars.
The company’s CEO, Dan Schulman, laid out a vision during its investor day on Thursday for PayPal’s digital wallets being the means by which central banks distributed CBDCs to consumers across income levels.
“You think about how many [digital wallets] we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitized forms of currency,” Schulman said.
Looking for information about how COVID-19 has impacted the payments industry?
The Strawhecker Group (TSG) and Visa Consulting & Analytics (VCA) teamed up to survey a representative sample of U.S. consumers, and analyzed Visa’s proprietary spend data, with the goal of understanding how the COVID-19 pandemic has impacted consumer lifestyles, payments trends, and how behaviors may change after the pandemic.