As PayPal sets to formally split from eBay on July 20, President and CEO Dan Schulman is setting a goal to vastly increase how often consumers use PayPal.
"We want to create a value proposition that inspires the average PayPal customer to use our app two to three times a week versus the two to three times per month they use PayPal today," Schulman said during eBay's second quarter earnings call on Thursday.
While acknowledging that growth would be a "significant" stretch, Schulman said that usage pattern is already apparent at Venmo, a person-to-person payment company that PayPal acquired as part of its 2013 purchase of Braintree.
"For a generation that has never written a check, Venmo is the way to pay the rent, pay back a friend and is in the middle of how the millennial generation manages and moves their money," Schulman said.
In the second quarter, PayPal announced Pinterest is now using Braintree's full stack processing platform. And of the five major retailers that were part of Pinterest's Viable Pins launch, four are using Braintree- Neiman Marcus, Nordstrom, Michael's and Gardeners Supply. "And in line with our strategy of processing 100% share of checkout for our merchant partners, we also announced the addition of Android Pay, a new form of payment on our platform."
The integration of Braintree and the more recent acquisition of Paydiant will help PayPal provide payments and technology for merchants of all sizes online, in-app and in-store, Schulman said. "By being payment device, point of sale and operating system agnostic, we enable merchants to navigate the increasingly complicated and confusing landscape of payment options and changing consumer behaviors," he said.
Beyond the checkout with merchants, accelerating mobile commerce adoption provides an opportunity for PayPal, Schulman said, adding mobile transactions are 30% of PayPal's total, and PayPal is now live with 67% of the top 100 mobile merchants. For example, the Paydiant-powered Subway app was the No. 2 downloaded food and beverage iOS app in the U.S. in June and is now available across 30,000 stores, Schulman said.
And in an additional move, PayPal's pending acquisition of Xoom will give it access to the $600 billion international remittance market, Schulman said.