PayPal's cryptocurrency services will go global in early 2021, supporting central banks' digital currencies

Senior executives at global payments giant PayPal revealed more details about its plans to push aggressively into the cryptocurrency sector next year during the company's earnings call for the third quarter of 2020, including plans to support central bank digital currencies (CBDCs).

“It is clear that the world is moving rapidly from physical to digital,” said Dan Schulman, CEO of PayPal, stressing the accelerating rate of change in the payments and financial services sectors.

"There is no doubt that digital currencies will grow in importance as their functions increase and their prominence increases," said Schulman, citing discussions with central banks, regulators and leaders of the cryptocurrency industry.

Central bank digital currencies [...] It is a matter of when and how to do it, not if it will be released. "

The PayPal CEO also explained that through its scale and visibility, the company "will help shape interest." [العملات الرقمية للبنوك المركزية]", Including facilitating interoperability with current payment methods and enhancing acceptance among merchants. Schulman described the old financial system as" unsuccessful "for many ordinary people.

"I believe that our platform and all the new digital infrastructure that we are preparing now can help make managing and moving money more efficient, less expensive and faster."

Schulman also revealed that the virtual currency services from PayPal will be available to international customers, along with the launch of the mobile payments application that grows, during the first half of next year.

The CEO added, "Over the course of the next year, you will see us move into two different areas."