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.
More people are using PayPal more frequently.
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.
We all have people who are literally one life shock away from going into a crisis. For many of us, we have a buffer in one way or another. We have a savings account, or we have credit that we can go to. The underserved don't have that luxury.
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.
On average, an underserved consumer spends 10% of their disposable income on unnecessary fees and interest rates.
When you focus solely on valuation and market share, you win some and you lose some. When you focus on the needs of your customers and help them achieve their dreams, you win every time.
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.
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.
The difference between online and offline commerce is basically blurring and disappearing.
No one can say that democratizing financial services is bad. It is good for communities, countries, the global economy, and educational progress.
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 have the flexibility to work with any potential merchant partner across the globe.
The cost of money rises dramatically if you can't afford to keep it in a bank.
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.
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.
When I first went into financial services, people told me not to be too over-optimistic about change.
We're really thinking how do we re-imagine PayPal almost as a service. PayPal as a SaaS platform.
If you want to have the best employees, there really needs to be a vision and a mission. Talent looks for a mission. And if you have the best talent, that's the single biggest competitive advantage any company can have.
We take the privacy of our consumers' information as one of the most trusted things that people look to Paypal for, because when it comes to financial services, the single most important brand attribute you can have is trust.
