The digital wallet will play an important role in PayPal’s growth. The company’s CEO, Dan Shulman, said in a conference call following the results of the first quarter of 2022 that the company plans to strengthen this aspect.

“Different parts of the economy, shopping, payments, basic financial services are coming together. The digital wallet will be a key element of how we drive customer engagement. We will continue to develop. Currently version 1.0. There will be versions 2.0 and 3.0. We have a few goals on the roadmap that we really want to achieve this year.”explained.

The senior executive estimates that more than half of PayPal users upload the company’s digital wallet. This category of customers makes 25% more transactions than those who do not belong to this category. More than 70% of service users BNPL made it through a digital wallet.

The churn rate in this category is 25% lower than PayPal’s remaining customer base.

Recall that in July 2021 PayPal announced the completion of development of a cryptocurrency wallet.

In January 2022, the company announced that it was exploring the possibility of issuing its own stablecoin.

In February, PayPal created a cryptocurrency advisory board. According to Shulman’s vision, the financial system of the future will be the intersection of CBDCs, stablecoins, digital wallets and cryptocurrencies.

The company added the ability to buy/sell bitcoin for US users in November 2020. In April 2021, PayPal-owned mobile payment service Venmo launched a similar service.