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.
Our overriding mantra is to be customer champion.
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.
Our strategy is to provide even more value to users and tie the Venmo community into the PayPal merchant marketplace so that they can use Venmo to buy things.
When we were associated with eBay, it was surprising to me how many merchants were very reluctant to work with PayPal because we were accessing their data and their information, and they felt in some way, shape, or form they were competing with eBay.
Merchants are eager to tap into the millennial Venmo shopper.
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 are excited to see how PayPal's global payment platform can help small businesses in Cuba thrive and grow by making it easier to connect to international markets.
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.
Digital payments have already made it easier to move and manage money. While there's more work to do, the potential is real and understood.
We're really thinking how do we re-imagine PayPal almost as a service. PayPal as a SaaS platform.
PayPal benefited tremendously from having a close partnership with the eBay marketplace. It was a natural fit at the time.
More people are using PayPal more frequently.
Before I became the president of AT&T's consumer division, I was running strategy and our internet services, so I was the president of one of the first internet service providers, ISPs, AT&T Worldnet, and running our internet protocol product development as well. So I knew a lot about what was going on with the internet.
We cannot just rely on the public sector or the private sector. We all need to work together.
Full financial citizenship means more than just a savings account and a way to transfer money and pay bills. It also requires access to credit along with the ability to accept payments and run a business, send money to family or transact business across borders, contribute to the community and help others in need, and invest for the future.
It's so hard to predict the political environment. I think that business can't sit on the sidelines and just watch. I think we need to be a force for the values that we believe in. We need to partner with government and regulators.
When I talk about the ability for fintech to promote kind of economic growth and productive citizens coming in, using different data and being able to lend to small businesses, see those small businesses start to grow - of course, that means more money for their families, you know, the small-business owner families. They start to hire people.
There's always some potential vulnerabilities in any system.