PayPal’s CEO said during the company’s quarterly earnings report on Wednesday: Digital wallets will play a key role in the future growth of payment companies.
“We have to double our attention to digital wallets,” said Dan Schulman, PayPal president and CEO. “We believe that’s where the future of the industry is going. It’s the future of PayPal, it’s at the heart of what we do. And we are trying to do it from an engagement perspective.”
Schulman cited several statistics: with more than 50% of the PayPal user base being active on the company’s digital wallet. More than 25% more customers who use digital wallets transact at checkout than non-users, and more than 70% of buy now pay later users (BNPL) is done through the company’s digital wallet.
Additionally, according to Schulman, the digital wallet deactivation rate, or the rate at which customers stop using the service, is less than 25% of the rest of the PayPal customer base.
“With both PayPal and Venmo, we are working hard to make digital wallets at the center of consumers’ daily financial lives,” Schulman said.
refer : LINK
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