Will it make you money or will it cost you?
PayPal CEO Dan Schulman recently shared his thoughts on digital payments and what we can expect in the future.
Venmo payments have “surged 80 percent year over year” and is expected to process more than $100 billion in transactions in 2019. E-commerce and P2P payments have been around for quite some time already, but industry experts believe an explosion of activity is still ahead.
As a company, are you offering the right services?
Schulman said. “I think it’s going to be less and less about how does one company hyper-serve customers. I think the new way of the world going forward is how do companies take the best of their platforms [and] put them together to better serve companies.”
Take Zelle for example. There has to be some validity to the claims around digital payments when large institutions are throwing their hats into the same ring together in order to consume as much market share as possible, then settle the scores later.
On the surface, the competitive nature of companies may look like a game of King of the Mountain.
But when we consider the market mentality, and financial giants have, we see that in fact it’s the team mentality that will win in the end.
That’s probably a lesson we can all benefit from in our own restaurants, mechanic shops, e-commerce stores, etc. By leveraging technology to participate in various social sectors, we can cast a wider net. And in the end, we might just see that the wider net is actually a wider net profit.
Read the full article here – https://www.cnbc.com/2019/02/19/digital-payments-could-grow-into-a-100-trillion-market-paypal-ceo.html