Dan Schulman, CEO of the major payment company PayPal said in a recent interview with Time that the demand for the company's crypto offering is more than the team expected at first. The payment giant allowed crypto trading in November 2020.
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As stated by Schulman, the current financial structure needs updates, as it is too costly and cross-border operations take a lot of time. The executive assumes more modifications will occur in the financial industry in the following 5 to 10 years than during the previous two decades. Particularly, the use of cash will drop significantly, and all payment activities will be done through mobile phones without the need for credit cards.
Schulman finds that central banks need to reconsider their monetary approaches as people stop using cash. Talking about CBDCs, PayPal's CEO noted that although they could use innovations like DLTs, CBDCs are basically digital representations of fiat.
PayPal has been a major supporter of the crypto industry over years. At the end of March, the company announced enabling US clients to pay merchants from over the world with BTC, Eth, Bitcoin Cash (BCH), and Litecoin (LTC).