Words matter. These are the best Dan Schulman Quotes, and they’re great for sharing with your friends.
What we want to do to monetize Venmo is to add more and more capabilities. Anywhere you see a PayPal merchant, you can click on that button and actually use your Venmo account to check out at that merchant. Then we’ll monetize that transaction exactly the same way we monetize a PayPal transaction.
I am a huge mixed martial arts practitioner.
My team and I tried cashing checks at check-cashing places and paying bills by money order. It’s incredibly inconvenient and time-consuming – it’s practically a part-time job just to manage and move your money.
PayPal benefited tremendously from having a close partnership with the eBay marketplace. It was a natural fit at the time.
I think we operate in a very dynamic marketplace, and as such, we need to constantly innovate.
In many ways, leadership is about defining reality and inspiring hope, but if you have these great people around you and they know that what they do is going to be recognized, it can be incredibly powerful.
I do think there’s no substitute for really hard work. But I think the thing that launched my career at AT&T, I had a pretty tragic thing happen in my family. My sister died, and I was leading a big team at the time, and I had to take time off.
There’s always some potential vulnerabilities in any system.
The cost of money rises dramatically if you can’t afford to keep it in a bank.
We believe digital payments are making financial services more universally affordable, accessible and, therefore, have the opportunity to drive financial inclusion and financial health for billions worldwide.
Physical money, whether it’s checks or cash or credit card, are digitizing in front of us.
Too many people go into existing organizations and define success as recreating what is there. To be successful as a startup organization within a large, established culture, you really need to think about how you leverage the assets that are there.
Everyone has all the power of a bank branch in the palm of their hand. And so in that world of software at scale, theoretically the incremental unit cost of something at scale approaches zero.
There is absolutely no room for discrimination against anyone in our country or anywhere in world.
I spent the first 18 years of my career at AT&T, and it was a wonderful place that kept me moving all the time. I mean, I started off as entry level a position as you can get at AT&T.
Software is eating the financial services industry. We have a large addressable market for PayPal to play in.
PayPal is a strong business: it has a strong balance sheet and free cash flows, and it will help us take a look at where we want to independently invest.
Online commerce is being replaced by mobile.
As CEO, I believe my most important job is to both define reality and inspire hope for the PayPal team. Defining reality includes being realistic about all the things that could go wrong so that we are prepared to navigate those challenges.
I do think that in a digital future, consumers will increasingly turn to brands that they trust. Trust, security, and service are even more important in a digital world.
Our strategy is to provide even more value to users and tie the Venmo community into the PayPal merchant marketplace so that they can use Venmo to buy things.
One way to understand human progress is to look at how technology has made products and services – once reserved for the elite – progressively more accessible and affordable.
On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates.
Venmo is one of the jewels of Paypal.
I think a lot of people have predicted the demise of cash, and they’ve frequently been wrong. But there’s no question that the smartphone is leading to the digitization of money. You really now have all the power of a bank branch in the palm of your hand.
We are excited to see how PayPal’s global payment platform can help small businesses in Cuba thrive and grow by making it easier to connect to international markets.
The difference between online and offline commerce is basically blurring and disappearing.
As we think about the future, one of the things we will do is to make sure PayPal becomes the central part of consumers’ lives, how we enable consumers to manage and move their money more efficiently, easily, and less expensively than some traditional ways.
Monetizing by creating more value for a Venmo user makes a ton of sense to me. But other forms of monetization that are more intrusive, like in advertising or something like that, the jury is really still out for me.
It’s so hard to predict the political environment. I think that business can’t sit on the sidelines and just watch. I think we need to be a force for the values that we believe in. We need to partner with government and regulators.
It’s been with us for a millennium, and we’ll still be carrying around cash for a long time to come. There’ll just be less of it.
We had grown too fast at PayPal. Our operating expenses had grown too fast… Growth covers a lot of sin. We want to grow without sin.
I consider myself a good communicator and a good salesman.
I’ve come to recognize that social purpose must be embedded into the core DNA of a company. The questions ‘Why do we exist as a company?’ and ‘How do we make a difference?’ need to have the same answer.
When I first went into financial services, people told me not to be too over-optimistic about change.
I think what we really need to think about is how do we reimagine the management and movement of money in an era where everyone will have a smartphone.
Merchants are eager to tap into the millennial Venmo shopper.
Payments is a hard business. It’s a messy business, with not necessarily the largest of margins.
Many of the things that we take for granted around the table, like cashing a check or just paying a bill or sending money to somebody you love, is very time consuming.
If you think about the under-30 generation, the millennial generation – GenTech, as I call them – they grew up with a screen in front of them. And so they think about everyday processes, like payments, differently than you and I do.
