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PayPal CEO Downplays Competition from Apple Pay

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In an exclusive interview with The Telegraph, PayPal’s chief executive Dan Schulman has dismissed any challenge from the upcoming Apple Pay Cash service, saying that does not have the advantages of PayPal’s peer-to-peer payments services. He continued that the iPhone maker’s forthcoming money transfer service will struggle to compete against PayPal’s rival apps. 

Paypal

While the main PayPal service carries millions of payments worldwide, the company’s Venmo app is the market leader in the U.S. and it is now considering launches in more countries as well. Mr Schulman added that Apple’s offering would struggle to gain traction because it is not available on non-Apple devices, unlike PayPal. “We’re technology agnostic,” he said.

“Many individuals are [a] multi-operating system; they can have an Android phone, a Microsoft PC and an Apple tablet. You don’t want a different payment methodology on each of those things … you want a consistency across that.

“We try to offer a consistent value proposition, that’s end-to-end, across operating systems and device type. It’s a powerful advantage we have.”

Apple announced at WWDC earlier this month that iPhone users in the U.S. will soon be able to send cash back and forth via mobile phones using the iMessage app via a virtual wallet. The service will be made available with a software update later this year.

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  • KonstantinRD

    Dan Schulman should YouTube a few previous interviews with MS’s Steve Ballmer and Blackberry executives about Aplpe’s non competitive products.

  • True

  • Riddlemethis

    I agree, it will be a long time, if ever before Apple Pay receives the traction PayPal has on the Web.

  • Riddlemethis

    Haha. It’s cherry season. I can tell you’ve been cherry picking to convince yourself Apple will be as strong as PayPal. Are you still holding your breath hoping Apple Maps will be one day as good as Google Maps? Bwahaha.

  • KonstantinRD

    I never said that. Apple’s efforts might fail or it might succeed. that wasn’t my comment so before telling me what I convinced myself of – read my comment again. All i meant is that the comment from CEO seems arrogant and reminds me of the similar phrases said by Ballmer and BB execs. Now go back to your troll cave.

  • toysandme

    Looking forward to this as my PayPal account is in US$ because of eBay but most of my friends and family have iPhones and don’t even have a PayPal account. They are also already comfortable using their phones and watches to pay bills. This is going to be very successful.

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