PayPal recently started trading as a standalone entity on the Nasdaq, marking its official split from eBay. In recognition of the occasion, PayPal’s CEO, Dan Schulman, shed some light on the company’s revamped strategic outlook.
There were three key takeaways from Schulman’s Q2 earnings call:
- Mobile is a top priority. Schulman envisions a future in which PayPal is heavily invested in mobile platforms. The company plans to introduce new mobile features while upgrading its existing mobile capabilities. Currently, mobile transactions form about 30 percent of PayPal’s business, which is a 42 percent year-over-year jump.
- User engagement is key. As part of PayPal’s ongoing transition to a mobile-first entity, the company is continuing to explore new ways to engage users and improve the mobile experience. For example, the company plans to expand its One Touch checkout feature so that the majority of the company’s clients can access it by year’s end. PayPal is also heavily focused on increasing the speed of its payment processing capabilities.
- Mobile meets in-store shopping. PayPal sees great potential in allowing customers to use its payment platforms for purchases made in-store. Schulman pointed to the success of the Paydiant-based Subway app as an important driver of this strategy.
Financial app developers will want to keep a close eye on how things shape up for PayPal in the months and years ahead. PayPal is far and away the leading Internet-based payment platform, and with mobile payment processing offering excellent growth potential, it’s no surprise that PayPal is making heavy investments in the sector.
For a mobile app design company, it’s necessary to have an advanced yet flexible understanding of trends in payment processing. PayPal’s continued evolution will offer key clues to the industry’s future direction.