Published
3 years ago on
July 31, 2020
- PayPal announced record revenues of more than $5.25 billion and saw a 5% spike in its stock prices after the report was released.
- Despite the pandemic having a big impact on many businesses, PayPal seems to be thriving throughout the chaos.
Earlier this week, the payment processor PayPal announced record revenues of more than $5.25 billion and saw a 5% spike in its stock prices after the report was released. Despite the pandemic having a big impact on many businesses, big or small, throughout the world, PayPal seems to be thriving throughout the chaos.
The CEO of the company, Daniel Shulman said that the changing world that we are in will mean PayPal will have to react in the appropriate manner. He said that consumers will no longer want to handle cash or any physical kind of payment when it comes to the checkout rather keep it all digital, indicating the transmission of germs from strangers.
As the world changes to digital payment systems, for PayPal, any of its shareholders will probably be excited about the news. The pandemic of COVID-19 has enhanced that change though.
The CFO of PayPal, John Rainey said that now is the perfect time for PayPal to take advantage of electronic payments and make the move from physical money. He said:
“It’s where those two come together that really create opportunities like PayPal to really expand the suite of financial services to large swaths of the population that are really underserved by how we characterize that today.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
