Following the news that three of America’s
biggest banks –
Wells Fargo, Bank of America, JPMorgan Chase – have gone live with
a joint online payments venture, one of the biggest rivals for
the joint venture, PayPal, remains confident.
Dan Schatt, head of financial innovations,
PayPal, told RBI:
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“This is yet another sign that the traditional
payment industry’s model is looking more and more like
PayPal’s.
“We launched 12 years ago around P2P
[person to person] and digital payments because those traditional
systems weren’t designed for the digital world. And we have
been innovating ever since.”
PayPal’s Schatt: “unmatched advantages”
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By GlobalDataPayPal commenced offering micropayments in 2005 and mobile
payments in 2006. In 2009, PayPal opened its global payments
platform to the financial services industry – which Schatt
described as the reason “to drive the next wave of payment
innovation with us”.
Schatt remained confident of PayPal’s status in the payments
space, saying:
“We believe that we have unmatched advantages,
including state of the art anti-fraud capabilities, connections to
more than 15,000 banks around the world and more than 98 million
people in 190 global markets who trust PayPal as the way to send
and receive money.”
Banks that use PayPal’s services include
Raiffeisen Bank in Austria,
RHB Bank in Malaysia and
USAA in the US, as well as card issuer Discover.
