Osama Bedier from Paypal on E-Commerce, Money and Micropayments
December 10, 2009
Osama Bedier, Vice President of PayPal Platform and Emerging Technology, was interviewed by Om Malik on the second morning of the LeWeb conference to talk about the world of e-commerce, money and future Paypal projects.
- In the history of the world, there’s been five major shifts in the way we pay: barter, coins, paper, credit cards, digital.
- Removing friction has been the objective in that evolution.
- If the future of money is digital, it means it’s fully connected and personal.
- Paypal is the first method of payment that was born with the digital age.
- Paypal moves 70B$ worth of e-commerce (out of a total of $350B).
- As they look forward, Paypal wants to go after all the money that’s being spent today ($30 trillion).
- Paypal has recently launch Paypal X to open their payment platform to developers.
- Visa/Mastercard are partners, not competitors to Paypal. 50% of Paypal’s transactions go to credit cards. The enemy is paper money.
- Innovation will be increased flexibility in paying and micropayments
- On micropayments, they have a lot of plans for 2010. Bedier didn’t want to share too much but he suggested the following: Paypal has 200M accounts across the world. They know quite a bit about the credibility of these accounts. They’ve earned credibility. Paypal should allow them to do small payments. Details next year…
- They just signed a partnership with Philipps, the television manufacturer, to enable payments on your TV. Why? Because televisions are platforms.
- From a social network point of view, Paypal is seeing growth of 20% month over month in payments there. They think it’s a huge opportunity. A lot of of those payments are around gaming and some are for dating sites but it’s slowly making its way to commerce.
- Payments + social is the future and the line between online and offline commerce is blurring and it’s driven by smart phones.