David Marcus, President, PayPal


 

20130513_progres_summary.jpgEvery day the noise about "mobile wallets" gets louder in this industry. It's certainly a great catch phrase and makes for an easy headline, but what are we really talking about? A mobile wallet … a digital wallet … a cloud wallet …. or whatever you want to call it … is really just another way to store your money and pay for the things you want. And we're constraining ourselves by looking back towards a physical item when technology is taking us so much further forward.

Paying for things is something PayPal transformed nearly 15 years ago, and we have seen an amazing runway of new developments since then. We do more mobile payment volume than anyone else -- $14 Billion last year, a 250 percent increase in a single year. We also released exciting updates for the iPad and, just this week, the Android platform. And top industry groups have recognized PayPal's market leadership, with 75 percent of all American consumers equating digital wallets with PayPal.

However, as the ecosystem buzzes about the latest catch phrase, it's important to point out that wallets (in any form) are only a sliver in the story of how PayPal is transforming commerce, and more importantly, the lives of our 128 million customers. Mobile plays a key part, but it's not just about paying for a smoothie or coffee with your phone (or anything else), or just adding and holding your financial information on your phone. The opportunity is more than that - it's about solving real customer problems that make shopping experiences more seamless, connected, friction free and almost intuitive.

PayPal can help your favorite burger joint start that plate of sweet potato fries the second you check-in and order ahead. At the coffee shop, you shouldn't have to wait in line, order and pay for coffee. By knowing who you are before you walk in, the barista can have your favorite drink ready. It's a clothing store thinking ahead for you and delivering highly personalized offers based on who you are, where you are and what you've done in the past (and might do in the future). It's about relevant and real time coupons and offers that are tailored specifically to each user.

Enabling these elegant experiences and connections for consumers and retailers is what we're working on everyday at PayPal. We're finding new ways that both simplify our daily lives and make exciting things possible to deepen our connections to merchants and each other. We're turning all those 1s and 0s into something far more personal and meaningful than simply exchanging currency.   That isn't a catch phrase.

I don't know about you, but I'm looking forward to the day where I can lose my wallet altogether - both the word and the physical object.  There's so much more we can do with technology, there's so much more we can do to make life easier for our customers everyday, and I don't want words, a catch phrase or misconceptions to hold us back.

We're just PayPal. Onwards!

- David Marcus, President of PayPal

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