PayPal is scaling its investment in crypto-currency and blockchain products as the future of payments is increasingly moving to the digital realm in the wake of the COVID-19 pandemic. The global payments giant posted a net profit of $1.56 billion for the fourth quarter of the last financial year, up by a whopping 209% year-on-year compared to $507 billion in the same period of the previous year. The company says that going forward it plans to enhance and grow its product suite, focusing on in-store payments, buy now pay later, digital currencies, bill payment and cross-border commerce over the coming year. "Today, the vast majority of consumers state that post the pandemic they will continue to shop online at their current elevated levels because it is more easier, convenient and saves time. Retailers are rapidly adapting to a new landscape, adjusting their strategy from encouraging consumers to visit their stores to optimising for home delivery. The pandemic has accelerated a digital wave of change across almost every industry by 3-5 years, unleashing a profound and and permanent structural transformation," said Dan Schulman, president and chief executive officer, PayPal Holdings during an earnings call. Schulman also said that the company will also be introducing new budget, savings, investment and bill payments tools for its customers and merchants in the current year, in partnership with banks and fintechs. Digital currencies are the way forward In October 2020, PayPal began supporting Bitcoin and other crypto-currencies, allowing users to buy, hold, and sell cryptocurrency…
PayPal scaling investment in crypto-currencies and blockchain, posts net-profit of $1.56 billion
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