Dan Schulman, the CEO of Paypal, says that fintech is going to change more in the next 5 years than it has in the past 30. You don’t have to tell US that, though. In our scant 19 months of publishing FintekNews, the whole fintech space has been moving at light speed, on so many fronts – the wild growth in valuation of digital currencies, new trading exchanges, the use of artificial intelligence, exponential numbers of new robo-advisors and more. Schulman is specifically addressing the payments and P2P spaces, but we know what he says to be true across all the sectors of fintech.
“Millennials are changing a host of industries, but perhaps none more drastically than the financial technology space, PayPal CEO Dan Schulman told CNBC on Monday.
“You have to, to serve these markets, re-imagine how money can be managed and moved because there’s going to be more change in the next five years in financial services than happened in the past 30,” Schulman told “Mad Money” host Jim Cramer.
PayPal’s peer-to-peer payment app, Venmo, speaks volumes to the way younger generations interpret money management, the CEO said.
“For Venmo, they put a tag or an emoji on every one of their payments,” Schulman continued. “It’s really not a P2P service, it’s a social payments experience. And they love doing it. They open the app just to see what their friends are doing.”
Today, Schulman said the person-to-person payment business is valued between $35 billion and $40 billion. In five years, its projected value is estimated to reach $335 billion…”
Full Story at CNBC