PayPal’s CEO believes cryptocurrencies are set for mainstream adoption as more businesses and persons flock to “digital payments and digital forms of currency.”
Speaking in a recent interview with CNBC, PayPal Chief Executive Dan Schulman said the coronavirus crisis has sped up the move to digital modes of payments. The online payments giant wants to be spearheading the ongoing digital transformation.
Schulman stated the “use of cash has declined precipitously” amid the virus, adding that “40 to 70% of consumers no longer want to handle cash.”
PayPal is not only making it a breeze for consumers to purchase and hold crypto, but the service will incorporate existing merchant payment platforms, enabling businesses to accept digital forms of payment.
“One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”
