PayPal on Thursday laid out plans for its future as an independent company at an event in San Francisco it called the Commerce Rewired Event. The San Jose-Calif.-based payments company is set to be spun off of eBay some time during the third quarter and plans to trade its shares on the Nasdaq under the ticker PYPL, which it had used when it first went public in 2002.
At the event, PayPal announced a new partnership with Bigcommerce, an e-commerce platform for retailers, as well as the fact that it will be linking One Touch -- its service to keep a user logged in on apps and sites for payments --across mobile devices and the Web. The latter development fits right in with the company's focus on mobile innovation.
"You're going to see a fundamental change over next three, five, 10 years, more of it to mobile and point-of-sale checkout," Dan Schulman, PayPal's president and future CEO, said at the event. "I'm not going to be the next person to talk about the demise of cash and be wrong, [but] you are beginning to see the digitization of money. PayPal is well positioned to be a leader in that transition."
During the event, Schulman shared some figures to show how the company is a leader in the payments space and specifically in mobile. PayPal accomplished a billion transactions in the first quarter of 2015, a third of which were mobile. Schulman also said that 1 out of every 3 U.S. adults uses PayPal and that the company processes 4 billion transactions last year, showing 25% growth year over year, driven largely by mobile.