PayPal Will Strengthen Development of Digital Wallet Functionality

PayPal’s digital wallet will play a key role in the company’s growth. According to the company CEO Dan Shulman, the firm intends to strengthen this direction. He has explained:

“Disparate parts of the economy are coming together, be it shopping, payments, basic financial services. The digital wallet will be one of the key elements in how we drive customer engagement. We will continue to develop it. Right now it’s version 1.0. There will be versions 2.0 and 3.0. We have a number of goals in the roadmap that we really want to achieve this year.”

According to the CEO, more than half of PayPal users have installed the company’s digital wallet. This category of clients makes 25% more transactions compared to those who do not belong to it. More than 70% of those who used the BNPL service did so through a digital wallet.