May 24, 2017

Mobile banking could ruin retail, or save it

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PayPal CEO Dan Schulman says that mobile banking could be an ally to retail.

Venmo. Bitcoin. If there’s one company that’s become synonymous with digital money, it’s PayPal. On this episode of the Corner Office, Marketplace host Kai Ryssdal spoke with Dan Schulman, the who became CEO of PayPal in 2014. They talked about the future of digital money, how PayPal keeps closes tabs on its users in order to prevent fraud and how mobile banking could change the landscape of small businesses. According to Schulman, mobile banking may not destroy brick-and-mortar stores but re-envision them.  

“If you go out 10, 15, 20 years from now, most stores are going to be distribution points for sending materials or products to consumers,” Schulman said. “Or having consumers come in and pick up those products. But they’ll be ordering those products and paying for those products through their mobile phones and online. And so there’s a fundamental transformation going on. And PayPal’s platform and scale that we have both on the consumer and merchant side is helping to enable that.”