PayPal CEO: 'We Want To Be More Than Just A Button'
Millions of consumers rely on PayPal to conveniently pay for their online purchases. The PayPal branded button on a merchant website offers consumers the peace of mind that their online transactions will be secure and hassle free.
However, Dan Schulman, who will serve as PayPal's CEO once the split from its corporate parent eBay Inc (NASDAQ: EBAY) isn't satisfied with just being a "button" on a merchant's website.
"We want to be more than just a button on a merchant's website," ABC News quoted Schulman as saying. "We really want to provide a full suite of services and products."
Related Link: Incoming PayPal CEO: 'Data Gives Us A Tremendous Advantage Over Any Startup'
The executive's comments were made following an event where PayPal announced new partnerships with companies that help merchants sell goods online around the world, including in India and China.
Schulman is looking to expand PayPal's credit service that offers clients the possibility of spreading payments over time. Another venture PayPal is exploring includes the Venmo mobile app that allows individuals to exchange small sums between themselves when splitting a bill or repaying a debt. Venmo is a licensed money transmitter and delegate of PayPal.
Schulman's ultimate objective, he said, is to transform PayPal to a "full-service" payments partner for both consumers and merchants. The company will handle mobile transactions, credit purchases and even customer loyalty rewards programs.
PayPal's early success stemmed from an environment characterized by few competitors. At present, Facebook Inc (NASDAQ: FB) is eyeing the online payments, as is Amazon.com, Inc. (NASDAQ: AMZN) and China-based eCommerce giant Alibaba Group Holding Ltd (NYSE: BABA).
Activist investor and eBay shareholder Carl Icahn pushed eBay to part ways with PayPal. The split will result in PayPal holding $5 billion in cash and no debt and create a leaner organization ready to compete in the marketplace.
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