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.