Also in this playlist...
This transcript is automatically generated
Based PayPal wants to be your one stop shop for -- on the go and just moments ago the company unveiled its first ever mobile payment device.
Called PayPal here and just.
The CEO the -- day.
Joining me live from San Francisco and John it is always great to see you great to have you on the program again.
Telling exactly what you have unveiled for PayPal today.
With the money you know PayPal is the leading way to pay online.
And a leading way to pay and mobile devices will do seven billion dollars a mobile payments volume this year but we've never really had paid coming offline world.
And so what we're announcing today.
Is taking PayPal to small businesses all across the world.
Through a simple -- and you put -- in.
Your mobile device and any small business.
Can now accept payments via PayPal via credit card and other ways so PayPal is now on the offline world with small business.
New markets for you as certainly indeed John let me asking about the timing of your entry into this market.
You have a lot of competitors in the space where Intuit veriphone big competitor is.
I and they have a several year lead on you do you think they may be too late.
Not at all all those competitors simply compete in one small piece of the payments world.
We now compete across the entire payments world online mobile and offline both the small businesses.
And with a large retailers and what -- has that none of those competitors have.
PayPal has a hundred million active customers.
All over the world and those customers would bring those customers.
These retailers whether it's online through the mobile device are increasingly -- online offline so who is a better product than others.
You have a better product and -- but -- but John let me ask you on the who is your target market here are you targeting that hundred million consumer -- say you already have existing.
Or there is there and -- consumer they're waiting to convert to become a new PayPal customer.
-- -- -- -- -- money we have a hundred million active consumers that are using our products all over the world and a 190 countries.
What and they -- can use now PayPal they can use PayPal not just online today can -- use PayPal and -- offline world.
What this device also allows the some -- the -- -- -- PayPal account that it has democratic Carter has cash sure has a check.
They can now use PayPal to pay at a small business and over time we hope those also become PayPal consumers.
What is is gonna -- for PayPal is a business how big is this market that you're anticipating.
Well what's happened because the lines of blurred between e-commerce and retail.
-- e-commerce is up 500 billion dollar market -- tells an eight trillion dollar market and the lines have blurred.
Between those two markets so we find ourselves in our company eBay overall.
EBay PayPal TSI now competing in the -- trillion dollar market.
And so we said we've said that the PayPal business will double in the next three years just with the online and mobile.
And now that we're in Home Depot where -- retailers will be in smaller retailers.
Our consumers will be able to use PayPal on the offline world as well we think that's just incremental growth on top of our our aspiration double the size the business.
It's interesting John because we can scene then -- device and sort of what it looks like the accessory it's in the shape of a triangle.
Maybe kind of up -- of fun you tell me at one of your biggest competitor is which is square -- device is in the form of of of a square.
I'm telling a little bit about what made you choose this specific design and what the -- you think will be to consumers.
What we worked with a design firm here in San Francisco.
And we talked with small businesses about what they wanted and one of their complaints was these things tend -- -- So what we've done with this square issue consider with -- triangle as you can see we have box then so it's locked in.
And so when you swipe it it doesn't -- the other thing merchants expressed concern about was safety and security.
And this is the only fully encrypted.
Device in the market and pay -- you know.
The core principle pay palace with the safest most convenient way to pay anywhere any channel online mobile device and on the -- -- world so the fact that it's it's.
Stabilized -- -- encrypted we think are too important features of the actual physical device.
John you talked about the encryption in -- security and safety issue not related to online payments you know there is a big psychological hurdle I think for a lot of consumers out there.
To getting and contrast to use their mobile -- something that we all have had experience losing.
To use it as a credit card -- device what do you what sort of that -- that your making out there to get people to adopt this form of payment.
You know what this is -- pay palace really different.
Because you remember.
One of the core principles of PayPal -- we never share the consumers' financial information.
And so whether it's on line we never share your bank information your credit card information when you buy online.
We never sure when you buy and a mobile device.
Your credit card -- your bank information never comes through the airwaves never goes into the device itself.
And now -- offline world -- not sharing your financial information.
With merchants and so it's the safest way to -- And that's been proven online it's being driven and mobile will be proven in the offline world so this is a key source of advantage for pick up -- your wallet is in the cloud.
And and you have it everywhere you go hope -- don't lose said dad John let me let me ask you before I let you go year and Indian trend.
In that president CEO of PayPal replacing Scott Thomson what are your plans dragged getting formal.
Leader in place for the division.
Well I'm working with a PayPal leadership team they're -- great team they're really focused on executing on these exciting new products in 2012.
And over time I will work with them then consider the alternatives and I'd say you know in the next couple months.
I'll be clear and how we're gonna proceed but in the meantime I'm having a lot of fun.
Working with that team.
Well this is a big -- -- seven billion dollars in a process and that triangular device we'll help you.
Announced that number even higher John Donahoe CEO of.
Filter by section