It’s only been a couple of months since PayPal launched the ability to buy and sell crypto, and user demand on the platform has already surpassed the company’s expectations.
CEO Dan Schulman told TIME Magazine, "Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement." He mentioned his belief that cryptocurrencies are only a part of the wider trend around digitising everyday payments.
Schulman explained that ten years from now, we can expect a “tremendous” decline in the use of cash and credit cards and that financial operations will occur via smartphones through “superapps.”
"When all of those things start to happen, then central banks need to rethink monetary policy as well because you can’t just issue more paper money into the system because people aren’t using paper money,” Schulman explained. He added that this would spark the "advent of digital currencies."
High transaction fees and slow settlement times that plague today’s traditional financial systems are well on their way to being problems of the past, but companies operating within those realms ought to crack on with modernising their infrastructure or risk becoming irrelevant.
Shulman noted that, “In the next 5 to 10 years, you’re going to see more change in the financial system than you have over the past 10 to 20 years.”