prasad1
Active member
PayPal CEO Dan Schulman wants to make it easier for people, including those who live outside the financial system, to manage and move their money.
“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”
While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.
“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.”
Schulman’s mantra may sound sentimental, but it’s also pivotal to PayPal’s (PYPL) strategy as it tries to continue a winning streak. Revenues during the company’s most recent quarter soared 20% to $3.14 billion. Its stock is up 37% so far this year.
https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html
“There’s a saying that it’s expensive to be poor,” Schulman told Yahoo Finance in a recent interview at PayPal’s San Jose, California headquarters. “You want to cash a check, send money to a loved one, get credit, even pay your bills. For those who are outside the financial system — and there are over 70 million adults in the U.S. and over 2 billion people in the world — those basic consumer transactions can be incredibly time-consuming — you stand in line for 30 to 45 minutes — and very expensive.”
While the dollar costs of executing a financial transaction may seem reasonable for most, they can be quite high for those with very little income.
“On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates,” he added. “So democratizing financial service is basically saying the following: We want managing and moving your money to be a right for all citizens, not just the privileged, or the affluent.”
Schulman’s mantra may sound sentimental, but it’s also pivotal to PayPal’s (PYPL) strategy as it tries to continue a winning streak. Revenues during the company’s most recent quarter soared 20% to $3.14 billion. Its stock is up 37% so far this year.
https://finance.yahoo.com/news/paypal-ceo-expensive-poor-221202508.html
