Most devices have been hacked in some way and are part of - part of a botnet network that can come after you in DDoS attacks.
— Dan Schulman
Most governments want their citizens to be part of the financial system, to be productive citizens as a result of having access to be able to manage and move money in a seamless way. But the traditional financial services infrastructure is not designed to handle that because, predominantly, it's an expensive infrastructure.
More people are using PayPal more frequently.
I've come to recognize that social purpose must be embedded into the core DNA of a company. The questions 'Why do we exist as a company?' and 'How do we make a difference?' need to have the same answer.
I believe that companies that have the opportunity to improve the lives of their customers and communities have the responsibility to do so.
Personal and mobile computing, long-distance communications, energy storage, and air travel are just a few of the things that have been democratized by technology, creating new possibilities for billions of people.
The big problem retailers are facing is the world is moving to mobile.
We have the flexibility to work with any potential merchant partner across the globe.
We have a very close relationship with Google. We extend our offerings to all the markets that we expand into.
PayPal is a strong business: it has a strong balance sheet and free cash flows, and it will help us take a look at where we want to independently invest.
We put people at the center of everything we do.
My mom pushed me in a baby carriage at Martin Luther King rallies. My grandfather was a union organizer. And to me, there is no room - no room - for discrimination of any kind. To me, it's just an anathema.
We all have people who are literally one life shock away from going into a crisis. For many of us, we have a buffer in one way or another. We have a savings account, or we have credit that we can go to. The underserved don't have that luxury.
The digitisation of money, the rapid expansion of internet access and, of course, the adoption of mobile phones have created the perfect conditions to make it easier, secure, and affordable to save, spend, give, and borrow.
We had grown too fast at PayPal. Our operating expenses had grown too fast... Growth covers a lot of sin. We want to grow without sin.
I do think that in a digital future, consumers will increasingly turn to brands that they trust. Trust, security, and service are even more important in a digital world.
My team and I tried cashing checks at check-cashing places and paying bills by money order. It's incredibly inconvenient and time-consuming - it's practically a part-time job just to manage and move your money.
I'm also the chairman of the board of Symantec, which is the world's largest cybersecurity - software cybersecurity company.
Venmo is one of the jewels of Paypal.
Many of the things that we take for granted around the table, like cashing a check or just paying a bill or sending money to somebody you love, is very time consuming.
When I first entered the corporate world, doing good and making money were seen as separate and contradictory threads. Challenging that notion set my career - and life - on a new course.
Full financial citizenship means more than just a savings account and a way to transfer money and pay bills. It also requires access to credit along with the ability to accept payments and run a business, send money to family or transact business across borders, contribute to the community and help others in need, and invest for the future.
One way to understand human progress is to look at how technology has made products and services - once reserved for the elite - progressively more accessible and affordable.
In the not-too-distant future, commerce is just going to be commerce. It won't be online commerce or offline commerce. It's just going to be commerce. And that will happen because of the phone.
Our strategy is to provide even more value to users and tie the Venmo community into the PayPal merchant marketplace so that they can use Venmo to buy things.
India is among the leaders in thinking about how technology can solve some of the problems about financial inclusion. But if you think that financial inclusion as a problem has a solution rooted in technology, it's obviously not the only thing.
No one can say that democratizing financial services is bad. It is good for communities, countries, the global economy, and educational progress.
I consider myself a good communicator and a good salesman.
There is absolutely no room for discrimination against anyone in our country or anywhere in world.
If we can provide a benefit and make money, it's a chance for us to expand the population of customers we serve, expand the products we put in the marketplace, and reinvent ourselves going forward.
We believe digital payments are making financial services more universally affordable, accessible and, therefore, have the opportunity to drive financial inclusion and financial health for billions worldwide.
Physical money, whether it's checks or cash or credit card, are digitizing in front of us.
In addition to my job at American Express, I'm also chairman of the board of Symantec, one of the leading players in anti-virus and cyber-crime prevention software, so I know firsthand just how sophisticated many of these attacks can be.
I think that the world is going to remain a very interconnected place. I don't think there's any getting away from that. The Internet has brought us closer together. I think cross-border trade is going to continue to grow substantially. I think there may be certain trade agreements that can be renegotiated, one way or another.
When I talk about the ability for fintech to promote kind of economic growth and productive citizens coming in, using different data and being able to lend to small businesses, see those small businesses start to grow - of course, that means more money for their families, you know, the small-business owner families. They start to hire people.
We are excited to see how PayPal's global payment platform can help small businesses in Cuba thrive and grow by making it easier to connect to international markets.
Merchants are eager to tap into the millennial Venmo shopper.
When you focus solely on valuation and market share, you win some and you lose some. When you focus on the needs of your customers and help them achieve their dreams, you win every time.
The cost of money rises dramatically if you can't afford to keep it in a bank.
Payments is a hard business. It's a messy business, with not necessarily the largest of margins.
I think we operate in a very dynamic marketplace, and as such, we need to constantly innovate.
PayPal benefited tremendously from having a close partnership with the eBay marketplace. It was a natural fit at the time.
As we think about the future, one of the things we will do is to make sure PayPal becomes the central part of consumers' lives, how we enable consumers to manage and move their money more efficiently, easily, and less expensively than some traditional ways.
I grew up in a progressive household with a family that believed in equality for all, and that leaves its mark on you. In the past, I planned to go into politics and never considered Wall Street as an option.
Online commerce is being replaced by mobile.
Managing and moving your money should be a right, not a privilege. This isn't about banking the unbanked. It's about re-imagining what consumer retail banking can be.
As CEO, I believe my most important job is to both define reality and inspire hope for the PayPal team. Defining reality includes being realistic about all the things that could go wrong so that we are prepared to navigate those challenges.
Digital payments have already made it easier to move and manage money. While there's more work to do, the potential is real and understood.
Software is eating the financial services industry. We have a large addressable market for PayPal to play in.
Too many people go into existing organizations and define success as recreating what is there. To be successful as a startup organization within a large, established culture, you really need to think about how you leverage the assets that are there.
