Exclusive: PayPal's move on physical stores
While it has struggled in the past to convert its success online into a presence in physical retail stores, PayPal is planning another go at it. During an "Axios on HBO" interview, CEO Dan Schulman said that the company will make new efforts starting next year under both the PayPal and Venmo brands.
Why it matters: The offline and online payments worlds are increasingly converging. Apple, for example, has introduced the Apple Card to go along with Apple Pay.
Details: PayPal thinks it can succeed now even though it has struggled in the past.
- Schulman said that Paypal didn't have much to offer as a simple alternative to a credit card, but it can offer more in a world where people want to use reward points, split payments or even bypass the checkout line entirely.
- "Before it was kind of a a a solution in search of a problem," Schulman said. "What I'm beginning to see right now is so that you can do different things now by tapping a phone. ... And as a result, you'll see PayPal increasingly become a part of the physical world as well as the digital world."
- Schulman was short on details, but mentioned that QR codes could play a role, especially with small and micro businesses, while PayPal can also tap into the NFC transactions already accepted for things like Apple Pay and Google Pay.
Bigger picture: PayPal's $2.2 billion iZettle acquisition should help the company's in-store efforts globally.