Online payment

1q21 earnings call cryptocurrency business brings “very good performance” From PayPal

The following is the 1q21 earnings call cryptocurrency business brings “very good performance” From PayPal recommended by And this article belongs to the classification: Online payment.

On May 6, 2021, at PayPal’s investor update conference call for the first quarter of 2021, Dan Schulman, President and CEO of PayPal, said that digital assets made the company perform strongly. He believed that cryptocurrency and central bank digital currency would be the driving forces for building “a fairer financial system”.

With PayPal’s success in moving into encrypted assets, most of its earnings calls revolve around the company’s recent and future digital asset plans.

“We believe that the existing technological base of the financial system will be substantially upgraded in the next few years,” Schulman said He added that it would help the financial system recover from the pandemic.

“Both cryptocurrencies and digital currencies issued by central banks can play a key role in shaping a more inclusive recovery and a fairer financial system.”

The chief executive said PayPal had drawn up an extensive encryption roadmap, noting that its digital asset innovation would “work with governments and comply with local, national and global regulatory frameworks.”.

“Our strategic efforts in the area of encryption have yielded tremendous results,” he added

PayPal reported earnings per share of its shares more than 20% higher than expected, adjusted to $1.22, and rose more than 5% after the earnings update on Wednesday, May 5. PayPal’s $6.03 billion revenue was also 2% higher than expected.

Total payments were $20 billion higher than expected, from $285 billion at the end of the quarter. The company also added 14.5 million active accounts, bringing its user base to 392 million.

Schulman said PayPal’s adoption of digital assets was “widely supported” and noted its fruitful dialogue with “central banks, regulators and government officials around the world.”.

The company said it adopted digital assets to enhance the effectiveness of cryptocurrency, enabling “millions of merchants around the world” to accept cryptocurrency payments. However, in PayPal’s merchant network, digital asset transactions are currently settled in legal currency.

PayPal’s venmo app also introduced buy, hold and sell capabilities last month. PayPal pointed out that its 2020 venmo customer behavior research found that 30% of customers had already started to buy encryption assets, and 20% of them had already started to buy encryption assets during the new coronavirus pandemic.

Schulman also noted that the company completed its acquisition of curv, a crypto asset trustee, last month, saying: “curv’s excellent team will support our existing technical resources and accelerate our efforts to shape a new financial infrastructure that is efficient, low-cost and inclusive.”

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Via CTC Chinese

More reading: PayPal: 1q21 revenue of $6 billion, net profit increased by 1206% PayPal: 1q20 net profit of $84 million, decreased by 87% PayPal: 2q20 net profit of $1.53 billion, increased by 86% 451 research: Apple pay customer satisfaction exceeded PayPal by 66% in 2015 PayPal: 2014 global consumer online shopping behavior and preference survey report Yiguan International: 2013 Q1 China’s third party Internet online payment market transaction volume iResearch: in 2012, 61.3% of Chinese Internet users completed online payment using third party payment, second only to online banking direct payment IR Research: in Q1 of 2012, the transaction scale of China’s online payment industry reached 776 billion yuan, and the market grew steadily. Yiguan International: in Q4 of 2011, the scale of China’s third-party Internet payment reached 738.6 billion yuan. IResearch: in Q2 of 2011, the scale of China’s online payment reached 456.6 billion yuan. IResearch: the survey shows that online shoppers prefer online payment The scale of e-commerce reached 397.3 billion yuan

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