PayPal CEO: Financial System “Not Working” For Many

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  • PayPal CEO Dan Schulman said in an investor call Monday that the traditional finance system was “not working” for low income individuals
  • Schulman made the point to emphasize the attractiveness of cryptocurrencies
  • The waitlist for access to PayPal’s forthcoming cryptocurrency platform is “two to three times” higher than expected

PayPal CEO Dan Schulman has said that the traditional financial system is “not working” for low income people as he outlined in greater detail the company’s cryptocurrency plans. Fortune reported that Schulman made the comment during an investor call in which the company’s recent foray into cryptocurrencies naturally featured, with Schulman adding that the size of the waitlist for access was “two to three times” greater than the company had anticipated.

PayPal Reaps Benefits of Crypto Interest

PayPal announced their intention to operate a cryptocurrency contract for difference (CFD) platform last month, with the platform set to go live in the first half of next year. Schulman seems to have been surprised by the scale of interest in their cryptocurrency platform, showing that after years of holding off from accepting digital currencies the time was right to do so.

Schulman pointed to the increased interest in and acceptance of cryptocurrencies by companies and banks to explain why PayPal had chosen now to enter the crypto arena, illustrating just how quickly widespread adoption is accelerating.

Schulman Says Crypto Can Help Low Income Individuals

Schulman also pointed to the growing use of smartphone wallets that can take anything from airline tickets to payment cards as a “natural complement to all forms of digital currency”.

Schulman added that part of the appeal of cryptocurrencies was because they helped form a bridge to low income individuals, for whom the traditional finance model was “not working”, although whether the PayPal product will help achieve that is unlikely.