Is PayPal now feeling the pressure from Bitcoin?

[Torque]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

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[ASHLIUSZ]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

[64dimensions]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar?  

This is so CEOish in the sense that if it's my idea, it must be new. This putz is about 5 ICO's too late plus a cursory search: https://www.gsb.stanford.edu/insights/mobile-banking-takes-nigeria (from January 2012!)

[manselr]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

There's no competition until we have lightning networks. Until then, you cant sell bitcoin as a solution for poor people to send and recieve money in a decentralized way, because (unlike what scammers such as Roger Ver and anyone supporting BCash will tell you) a decentralized blockchain is a finite and scarce resource, therefore it's not cheap, this is why we need second layers like LN to really take over the entire planet. Then we will outcompete everyone else and PayPal will either join BTC or go bankrupt because no one is going to be paying any fees to send money anywhere.

Paypal is a scam because it's tied to the legacy banking system, yet they market themselves as "internet payments". This was never true, it was never true anywhere until Bitcoin was invented.

[iron talon]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

It should be feeling pressure from bitcoin and blockchain related projects such as Monetha etc.

These are happening and paypal is a centralized one and it will try to eliminate new growing projects probably.

[warrior333]

Why do you need the Association of bitcoin with PayPal? Bitcoin can provide us with more opportunities than any payment system. PayPal is a past stage. As soon as a real opportunity to earn and spend bitcoins on the Internet about PayPal will be forgotten.

[Lanatsa]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

I wont agree on that on which paypal and bitcoin would merge together since we do really see that they are really different.You cant merge a centralized thing into a decentralized one which is bitcoin. Pressure for paypal is really there since they know the capabilities of bitcoin when it comes into a new innovative payment system which is really great compared to them.

[player514]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

There's no competition until we have lightning networks. Until then, you cant sell bitcoin as a solution for poor people to send and recieve money in a decentralized way, because (unlike what scammers such as Roger Ver and anyone supporting BCash will tell you) a decentralized blockchain is a finite and scarce resource, therefore it's not cheap, this is why we need second layers like LN to really take over the entire planet. Then we will outcompete everyone else and PayPal will either join BTC or go bankrupt because no one is going to be paying any fees to send money anywhere.

Paypal is a scam because it's tied to the legacy banking system, yet they market themselves as "internet payments". This was never true, it was never true anywhere until Bitcoin was invented.

Yup. I agree with that first statement. I wouldn't really categorize PayPal and Bitcoin as competitors until Bitcoin can par up with PayPal's features. There is a lot of work to be done on the confirmation speeds and the Bitcoin technology. As we see confirms come through instantly, we can then accurately compare PayPal and Bitcoin. Until then, it doesn't make sense for the average man to USE Bitcoin to pay his peers.

[Syke]

PayPal has nothing to fear from bitcoin. PayPal is a middleman between credit cards, bank accounts, countries, and currencies. Bitcoin could be simply another currency for them.

[aso118]

PayPal pretty much started with lofty ideals of reducing transaction fees. But they then got struck by know your customer and anti money laundering obligations. That killed their dream.

[BigBoy89]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

IMO PayPal will never feel threaten from any crypto-currently in next 2-5 years. Cryptos are still for average+ technical guys, not for the mass. Your grandpa could have PP to pay some stuff online, but can he use bitcoin? Or your high-school teacher?

Cryptos need to achieve much deeper acceptance and the future of mass coin is some alt with 10-60s confirmation time. Nobody will wait 30min to pay a beer.

[batang_bitcoin]

PayPal has nothing to fear from bitcoin. PayPal is a middleman between credit cards, bank accounts, countries, and currencies. Bitcoin could be simply another currency for them.

But they should be aware that with bitcoin all of their services can be filled by bitcoin. There are bitcoin debit cards and you can also link it to your visa card, we can be our very own bank with the wallets that we have. I wonder if they are going to consider adopting bitcoin with their services. I know they are aware with bitcoin since before but we can't tell if there is really a competition for them and bitcoin.

[Kingofbitcoin12345]

Last year the same CEO of PayPal gave an statement that if he has known about bitcoin and the innovation in the past, he would have used bitcoin as the platform. I don't think such a pressure is there for PayPal, because it has an large user base and functions on a centralized system. Maybe in future both will function on a joint platform.

That would be a good event if it happens.. And I agree that PayPal has enormous numbers of users that is widespread in every county's.. But things is getting rougher than before when bitcoin still have few dollars a piece because at this price more businesses is eyeing in  emerging they're centralized platform to a bitcoin featured one..

[orions.belt19]

https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html


PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.

“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”

While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.

“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.[/b]”

Sound familiar? 

There's no competition until we have lightning networks. Until then, you cant sell bitcoin as a solution for poor people to send and recieve money in a decentralized way, because (unlike what scammers such as Roger Ver and anyone supporting BCash will tell you) a decentralized blockchain is a finite and scarce resource, therefore it's not cheap, this is why we need second layers like LN to really take over the entire planet. Then we will outcompete everyone else and PayPal will either join BTC or go bankrupt because no one is going to be paying any fees to send money anywhere.

Paypal is a scam because it's tied to the legacy banking system, yet they market themselves as "internet payments". This was never true, it was never true anywhere until Bitcoin was invented.

Yup. I agree with that first statement. I wouldn't really categorize PayPal and Bitcoin as competitors until Bitcoin can par up with PayPal's features. There is a lot of work to be done on the confirmation speeds and the Bitcoin technology. As we see confirms come through instantly, we can then accurately compare PayPal and Bitcoin. Until then, it doesn't make sense for the average man to USE Bitcoin to pay his peers.

Paypal and Bitcoin are both very different from each other and I agree that it is incomparable at the moment. Perhaps at this current time and period, Bitcoin cannot be accepted as a payment to every single common man, much less to those who are less fortunate. Bitcoin has revolutionized the concept of "internet payments" and PayPal needs to keep up even at this early stage of Bitcoin that is in.

I believe the statement made by the Paypal CEO was made just so that they could keep up with the growing hype and popularity for Bitcoin. Surely, they're scared of getting left out and as a competitive company, they should keep up with the current happenings or else they may be overthrown. It's quite possible that in the near future, Bitcoin will be integrated in PayPal instead of becoming a competitor for them. With the increasing innovations and technological advancements made for cryptocurrency and bitcoin, companies such as PayPal would have to adapt as well.

[pooya87]

there is going to be 1 big advantage for PayPal compared to bitcoin for many years to come and that is the fact that in order to transfer money with PayPal you already have the money and you just use their services to move it, but in order to do it with bitcoin you have to have bitcoin and that conversion takes money (the fees of buying it with fiat) and not everyone has it.

[giveen]

No PayPal has said they are happy to team up with coimbase if they ever felt the pressure why would they allow coinbase users to withdraw to PayPal in first place , PayPal can't be replaced it is a must for the online community we can safely make purchases without the risk of being scammed , accepted in more than million online stores and is centralised on other hand btc is more like a investment people will most likely spend their funds in PayPal than in btc.

[SimpeleSimpele]

paypal user reduce and leave from paypal not related bitcoin, paypal user ussualy to buy in store online or advertising network bussiness

paypal user reduce maybe about sending fee is high and feature dispute

[alyssa85]

Paypal is under pressure from Western Union and Visa/Mastercard.

It's not under pressure from Bitcoin because bitcoin fees are so large, hardly anyone uses it. Here are the number of transactions in the last 24 hours:

https://bitinfocharts.com/comparison/bitcoin-transactions.html

249.871 transactions. Paypal does that in about 20 minutes.

[jakezyrus]

there is going to be 1 big advantage for PayPal compared to bitcoin for many years to come and that is the fact that in order to transfer money with PayPal you already have the money and you just use their services to move it, but in order to do it with bitcoin you have to have bitcoin and that conversion takes money (the fees of buying it with fiat) and not everyone has it.

agree, paypal has still many advantages compared to bitcoin like faster transaction and no converstion fees also instant money transfer when sending or recieving unlike bitcoins you need to pay for transaction fees plus it takes so long time to be confirmed on the blockchain. therefore i could say that paypal are still the best to use online.

[777Bitcoin]

I also think so, paypal is now decreasing its users due to the existence of bitcoin and it will be decreasing every year as the price of bitcoin and its users is increasing. We can't deny that fact even they will claim the other way around. Sometimes it will all closed down and those centralized online financial platform be gone.