According to media reports, PayPal CEO Dan Schulman said in an interview that the digital payments industry could become a $100 trillion market as the fintech industry continues to grow rapidly.
As Venmo, PayPal’s popular mobile payment service, continues to work with more merchants, schulman said there was no indication that conditions such as weaker-than-expected holiday sales would have a negative impact on the sector.
Last quarter, the number of payments processed on the PayPal platform grew 80 percent from a year earlier, and schulman believes the company can handle more than $100 billion worth of transactions in 2019.
Schulman noted that Venmo has been committed to building partnerships with companies in a number of industries to better serve its customers. The company has established partnerships with companies such as Facebook, Google, Microsoft and Alibaba.
“P2P is a point-to-point payment that is exploding. This is a market worth hundreds of millions of of dollars. It’s definitely not going to be a winner-eat-all situation, “Schulman said. “I think the companies involved will coexist and not be winners.” ”
PayPal is moving into the global market, and Asia is one of its fastest-growing regions, including India, China and Japan. Building relationships with online markets such as Amazon and Alibaba has been a key strategy for the digital commerce company to offset slowing growth. Amazon and Alibaba are now growing at an annual rate of 40%. In addition, PayPal is still working with its former parent company, eBay.
Shulman also hinted in the interview that Venmo could do more to further leverage social media.