The digital payment market could be $ 100 trillion in the future. This explained Dan Schulman, CEO of the online payment service PayPal, to the US news channel “CNBC”.
With the boom in online commerce, digital payments are on the increase. PayPal CEO Dan Schulman is convinced that we could soon be dealing with a $ 100 trillion dollar market. The PayPal share has been among the winners in the last 12 months.
“It could become a market of $ 100 trillion, that’s the kind of market – a very adaptable market – we’re in. We might have a one to two percent share in this market today” Schulman said.
PayPal’s peer-to-peer payment app, Venmo, works with more and more merchants. Among the partner companies are sizes like Facebook, Google Alphabet, Microsoft and Alibaba. The number of payments processed on the platform increased by 80 percent over the previous quarter in the last quarter.
Schulman is convinced PayPal could handle more than $ 100 billion in transactions in 2019: “There’s an explosion in online commerce and we’re riding this wave, and what we’re seeing is pretty positive.”
The PayPal CEO is not afraid of the fintech competition like Cell or Wirecard. “P2P, or peer-to-peer payments, are exploding in the marketplace, it’s a multi-hundred billion dollar market, so there definitely will not be a winner who gets it all.”
In addition, PayPal opens markets around the world. Asia, especially India, China and Japan, is one of the fastest growing digital payments regions, Schulman said.
PayPal shares rose more than 13 percent this year. In the last 12 months, shareholders have even enjoyed a plus of more than 20 percent: