PAYMENTS
Enrique Lores CEO
PayPal
P ayPal has been a long-time dominant force in digital payments and is navigating a new digital paradigm as it moves into the mobile payments sphere. As a result, the American multinational fintech company has transitioned from a two-sided payment platform into a comprehensive financial toolkit.
PayPal is accepted on thousands of mobile sites and apps, just as it is on computers – making it a simple way to pay on the go without sharing your financial information with the seller.
A major refresh of the PayPal app has introduced a suite of advanced features for users, including high-yield savings accounts through a partnership with Synchrony Bank, direct deposits and bill pay. By integrating shopping tools and crypto wallet capabilities,
PayPal is positioning itself as a Western super app. Thanks to its dominance in the US mobile payments market, PayPal has now amassed more than 90 million users and has become the most popular mobile payment app among US adults, with more than double the users of the next competitor, Venmo.
“ The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape and the rapid acceleration of AI that is reshaping commerce daily,” says PayPal’ s new CEO Enrique Lores.“ PayPal sits at the centre of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce.”
fintechmagazine. com 79