MWC 2016 LIVE: Mobile has power to tame transaction fees – PayPal CEO

PayPal CEOFor billions of people across the world, even the simplest financial transactions can be either extremely time consuming or very expensive, which PayPal president CEO Dan Schulman said is “just crazy” in a world of high mobile and smartphone penetration.

In his keynote at Mobile World Congress, Schulman said: “We have the ability to make these transactions easier, faster, more secure and most importantly less expensive, which can make a real difference in the world.”

Those outside the financial system spend about 10 per cent of their disposable income on unnecessary fees and interest charges, which is the same percentage that a typical family spends on food.

“We should blow through the paradigm that it’s expensive to be poor. Our creed should be that managing and moving money should be a right of every citizen, and not just a privilege for the affluent,” he said.

Schulman said the democratising of money is an even bigger trend than the digitisation of commerce, the second huge trend that is defining the future of mobile.

PayPal is expanding its consumer platform because people are asking for more types of funding.

Consumers, he noted, have said they don’t want to have to buy a prepaid card just to put cash on the PayPal platform. It now allows them to put some of their salary directly on the platform, cash cheques onto the platform and use peer-to-peer services.

These moves and its partnerships within the financial services ecosystem are designed to make mobile phones “the central point of consumers’ financial lives”.

An example of this is an app it recently rolled out in 145 countries, in 27 languages, that not only uses biometrics on Android and iOS for authentication and security, but positions PayPal to go into a full omni-channel solution, he said.

Starting with Vodafone in Europe, customers can use their PayPal wallet for online and in-app check out, and later this year it will offer NFC capability in the US and Australia.

It also will allow users to check out with multiple POS options, such as barcodes, QR codes, beacons and NFC, because it recognises merchants have different technology considerations.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Beating cancer: MEPs react to the EU Plan for joint action

4 ways to build resilience to digital risks in the COVID-19 era

Colombia’s former president says COVID-19 shows the importance of listening to indigenous peoples on how we treat the planet

Internet milestone reached, as more than 50 per cent go online: UN telecoms agency

The EU Parliament slams Commission on economic governance

Ramp up nuclear power to beat climate change, says UN nuclear chief

The role of the cyber leader in building secure and resilient digital ecosystems

3 ways to keep ourselves cool more sustainably

Mirrored classroom display highlights scale of massive education crisis

Four lessons from Africa on building effective business ecosystems

Climate change will never be combatted by EU alone while some G20 countries keep procrastinating

Ocean life faces ‘onslaught of threats’ from human activity, but tools exist to save it

EU economy: Between recession and indiscernible growth

General Elections in Spain: Twitter organises the first digital debate to empower young people.

COVID-19 has laid bare the cracks in long-term care. Here’s how to fix them

From Policy to Reality: Discrepancies in Universal Health Care Systems across the European Union

As rural communities age, their public transport is shrinking. It’s time to fix this

Return of Kuwaiti property by Iraq, signals hope of ‘full normalization’ between nations: UN Chief

Busting the myths about coronavirus

This Indian school accepts plastic waste instead of fees

UNICEF backpacks used as a haunting symbol to call for greater protection of children living in conflict

How tiny countries top social and economic league tables (and win at football, too)

Banking Union: Non-performing loans in the EU continue to decline

Robots and chatbots can help alleviate the mental health epidemic

How we can embrace the electrical vehicle transition by adopting smart charging

Is mental health really ‘health’?

The ethics of the Medical Technology Civilisation era

The US + Britain trivialize mainland Europe, NATO and the EU

3 ways to nurture collaboration between universities and industry

The EU wants to create 10 million smart lampposts

Switzerland to introduce strict restrictions on executive pay

Far more needed to ‘confront the world’s climate emergency’, UN chief tells ASEAN Summit

Europe’s far-right launches attacks on neighboring nations

Syria: Urgent, concrete actions needed, to protect children too young to ‘make sense of this senseless war’

COVID-19 increased the use of AI. Here’s why it’s here to stay

The European Union and Central Asia: New opportunities for a stronger partnership

IMF launches a new offensive against Germany

Integrating migrants and refugees into the labour market: Commission and social and economic partners relaunch cooperation

Europe united in not supporting a US attack on Syria

What is the biggest benefit technology will have on ageing and longevity?

Economic recovery won’t tackle youth unemployment problem

How curiosity and globalization are driving a new approach to travel

At G20 Summit OECD’s Gurría says collective action vital to tackle global challenges

MWC 2016 Live: Industrial world prepares to reap digital benefits

Mergers: Commission opens in-depth investigation into proposed acquisition of Metallo by Aurubis

Why small farms are key to the future of food – and how we can support them

Nicaragua ‘crisis’ still cause for concern amid murder, torture allegations: Bachelet

One life for another

Access and hesitancy as major challenges surrounding covid-19 vaccination campaigns

Zero carbon by 2050 is possible. Here is what we need to do

The mother of all fights about inflation, growth and banks

Three UN workers killed following Benghazi car bomb attack, as Security Council meets in emergency session, honours their ‘ultimate sacrifice’

Coronavirus: Commission proposes to provide €81.4 billion in financial support for 15 Member States under SURE

EU humanitarian budget for 2020 to help people in over 80 countries

UN launches drive to highlight environmental cost of staying fashionable

“We need to accelerate our negotiation on the China-EU Investment Treaty”, Chinese Premier Li Keqiang highlights from the 21st EU-China summit in Brussels

COVID-19: How multilateral development banks can lead through a crisis

New UN book club helps children deal with global issues

Here’s how to find a job you really love

WHO launches COVID-19 health alert service with Facebook and WhatsApp – Updates from Friday’s WHO briefing

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s