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.
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.
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.
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.
When I first went into financial services, people told me not to be too over-optimistic about change.
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.
Software is eating the financial services industry. We have a large addressable market for PayPal to play in.
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.
No one can say that democratizing financial services is bad. It is good for communities, countries, the global economy, and educational progress.
Most governments want their citizens to be part of the financial system, to be productive citizens as a result of having access to be able to manage and move money in a seamless way. But the traditional financial services infrastructure is not designed to handle that because, predominantly, it's an expensive infrastructure.
We have the flexibility to work with any potential merchant partner across the globe.
Most devices have been hacked in some way and are part of - part of a botnet network that can come after you in DDoS attacks.
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.
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.
India is among the leaders in thinking about how technology can solve some of the problems about financial inclusion. But if you think that financial inclusion as a problem has a solution rooted in technology, it's obviously not the only thing.
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.
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.
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.
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.
Venmo is one of the jewels of Paypal.