The CEO states that people will move from paper money to digital.
Daniel Schulman, CEO of the giant payments platform PayPal, stated that in the next five to 10 years there will be more changes in the financial system than in the last two decades.
According to the CEO, the demand for cryptocurrencies has exceeded expectations after the company launched its cryptocurrency trading in late 2020.
Schulman says the existing financial infrastructure needs modernization, as it is currently inefficient due to excessively expensive and slow international transactions. Noting that the financial system is ready to see more changes in the next five to 10 years than it has experienced in the past two decades, the CEO explained:
“Ten years from now, you will see a tremendous decline in cash usage. All payment transactions can be made by mobile phone. Credit cards will disappear and you will use your phone."
Schulman points out that as people stop using paper money, central banks will have to rethink their monetary policies. He also says that people can take advantage of emerging technologies such as the distributed ledger technology of central bank digital currencies.
As it is known, PayPal started a new initiative in October 2020 regarding the use of many cryptocurrencies, including Bitcoin and Ethereum. Later, with rising prices and cryptocurrency demands, PayPal continued to expand its cryptocurrency services to customers and launched its cryptocurrency payment service in late March to allow users to make crypto payments.
In addition, it recently announced that PayPal's payment platform Venmo has initiated trading for four major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Source:
Time