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PayPal president and CEO Dan Schulman cited several statistics as the rationale: more than 50% of the PayPal base uses the company’s digital wallet, customers who use the digital wallet transact 25% more at checkout than users who don’t, and over 70% of BNPL users did it through the firm’s digital wallet.
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“We need to double down on the digital wallet," PayPal president and CEO Dan Schulman said during the call. "We believe that is where the future of the industry is going, it’s the future of PayPal, it is the heart of what we’re trying to do from an engagement perspective.”
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