Dan Schulman, President and CEO Designee
For decades, advancements in digital 
Now, the increasing use of mobile technology – driven largely by millennials – is set to make an even bigger impact on the ways we manage and move money. Over the next five years, new mobile payment technologies will reshape money more than the ATM, debit cards and all other banking innovations had in the past 50 combined.
Innovation has made it possible to rent movies, book trips and download novels with the touch of a screen. We're at that critical point with money; it's time to unlock the same benefits of choice, access and flexibility of cash, and that's why I jumped at the chance to join PayPal as president and CEO.
PayPal handles almost 12 million payments for our customers every day – more than a quarter of these payments are made on mobile devices. Overall, mobile commerce is growing at nearly three times the rate of e-commerce. That's an astounding figure.
But the increasing digitization of money isn’t just a technology story. It’s about human impact, providing financial freedom, flexibility and opportunity to millions of people worldwide.
We see opportunity among consumers, who are moving away from a wallet full of plastic, and tell us they want better ways to manage their money. These customers want simpler and secure digital payment options. We see other consumers who are poorly served by existing financial institutions, and we feel technology can make their lives easier and less expensive.
Businesses, meanwhile, are seeking ways to thrive. And with exposure to markets all over the world, they need more support than ever to get that jump-start into the global economy or even into new markets. We’re expanding innovations such as PayPal Working Capital, giving merchants access to funds without a credit check. Repayment is based on sales, not monthly billing terms. Gone are the days of waiting weeks or months to get verified for that loan to expand your dream business.
Companies also are increasingly apprehensive about fraud and security fears that lurk within digital finance. We’re addressing these concerns; recently we agreed to acquire the mobile wallet provider Paydiant, enhancing our in-store payment capabilities and allowing us to create engaging, convenient and secure ways for people to shop at the brands consumers love. As the lines between online and offline blur, we understand that trusted, secure payments allow us to create deeper, loyal relationships between businesses and their customers.
Record of innovation
On one hand, the move to mobile money isn’t entirely new. More than 15 years ago, PayPal captured the potential to transform money for people and businesses around the world through mobile technology. PayPal’s very first payment was made via Palm Pilot, a pioneer among mobile devices. But the world has changed and continues to do so swiftly.
We’re focused on meeting the changing needs of customers – driven by millennials. This group makes up a quarter of the population and accounts for roughly a fifth of consumer spending in America. These 18- to 34-year-olds demand fast and simple ways to manage their financial life in the safest possible manner. And they are mobile. That’s 80 million total potential users who speak the language of Venmo, our mobile payments service that accounted for $2.4 billion in payment volume in 2014.
Being at the cusp of change is amazingly exciting. But for the thousands of people that work at PayPal it’s more than that. We truly believe - because we see it every day - when you transform money you empower the potential of people around the world. You make it easier for people to do the things they want to do with their money. Running a small business becomes safer and simpler. Taking a great new idea from inspiration to monetization becomes faster, because you make it possible for funds to get from the people who want to back the idea to those who need support.
Later this year, PayPal will become a separate company from eBay Inc. This will afford us the opportunity to focus entirely on our customers' needs and build on our foundation so we can further extend our lead in this exciting space.
If we do this right, our team will have the once in a lifetime opportunity to transform money to power the potential of our customers around the world.