At PayPal’s investor day earlier this year, CEO Dan Schulman laid out plans for PayPal to become a financial “super app.” The plan included investing in bill payment, a high-yield savings account, efforts in cryptocurrency, and enabling investments in securities for its users.
The company’s already taking its first steps toward developing and registering an investment platform within PayPal called Invest at PayPal, and it could launch next year.
PayPal introduced the ability for U.S. users to buy select cryptocurrencies within its app late last year, and it recently expanded the feature to users in the U.K. It follows in the footsteps of Square, which has been allowing its Cash App users to buy Bitcoin since 2017.
Square added stock trading, including fractional share trading, to its app in 2019, taking on the popular brokerage app Robinhood Markets. Now, PayPal is ready to follow in Square’s footsteps again after hiring brokerage industry veteran Rich Hagen.
Crypto. The buzzword you hear everywhere from the news to friends hyping it up. Has the craze gone mainstream and reached businesses?
Big names like Microsoft, AMC, Starbucks, and AT&T are in, but what do small businesses think? The Strawhecker Group (TSG) used new survey data from nearly 600 small businesses in the U.S. to illustrate their knowledge, attitudes, and acceptance of cryptocurrency.
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Payments professionals across the ecosystem will find this infographic to be a great resource as the market continues to evolve. Are you working with merchants on a crypto strategy?