PayPal wants to create global wallet for CBDCs

Paypal CEO Dan Schulman reveals company's plans to create a single digital wallet for banks and governments

Just a few months after launching the crypto services on its platform, PayPal seems to be positioning to dive into the industry even deeper. The company has recently announced its intention to work closely with central bank digital currencies (CBDCs). 

During PayPal's 2021 Investor Day, the company's CEO Dan Schulman spoke on the future digital paradigm and the new financial system he wants to create. 

Schulman unveiled PayPal's plans to launch the next generation of financial services and build the platform to interact with digital representations of value for commerce and payments. According to the PayPal CEO, the company is going to work in hand with governments, regulators, and central banks to achieve this goal. 

Schulman believes PayPal is a 'perfect complement' for such goals. He said:

"You think about how many [digital wallets] we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitized forms of currency."

Moreover, Schulman told the audience that PayPal is now considering the use of smart-contracts and aims to tokenise other non-crypto assets. 

PayPal allowed its users to buy and sell cryptocurrencies in late 2020. Starting in 2021, its customers will also be able to purchase products and services via cryptocurrencies.

In its last earnings report for Q4, the company revealed that customers who traded crypto were 12 per cent more active in weekly transactions than other users. In addition to that, over 40 per cent of the US customers who traded crypto returned over two times to complete more transactions.

PayPal Holdings
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