Fintech involves another’s money, it has to be secure: PayPal CEO

Thomas K Thomas Mumbai | Updated on January 09, 2018

As President and CEO of digital payments firm PayPal, Dan Schulman is focussed on transforming financial services to make life easier for billions of people around the world. The California-based company is, therefore, seeing an opportunity in India where financial inclusion through digital platforms is seeing huge uptake.

Schulman told BusinessLine that digital payments are making financial services universally affordable and accessible.

“The digitisation of money, the rapid expansion of internet access and of course, the adoption of mobile phones, have created the perfect conditions to make it easier, more secure and more affordable to save, spend, give and borrow,” Schulman said.

On concerns over increasing incidence of hacking and stealing online data, the PayPal chief said governments, law enforcement, companies and customers all have to play a part in ensuring security.

“Money is a very personal part of our lives and customers want an experience that makes the management and movement of money simpler and more convenient, but also ensures that the transaction is secure. Fintech is not like other tech, because it involves somebody’s money and, therefore, must be secure. As a customer champion company, PayPal works hard to put our customers and their needs at the heart of everything we do. And because of this, we firmly believe we will continue to be successful,” he said.

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Published on November 19, 2017
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