PayPal touts digital wallets
In brief
CEO Dan Schulman said digital wallets could be a solution to stimulus bottlenecks.
Schulman also alluded to the promise of DeFi on the earnings call.
PayPal CEO Dan Schulman raised the possibility of using digital wallets to distribute stimulus funds rather than the current slow and expensive banking system.
Is there a better way to distribute stimulus payments? The question has come up in light of governments’ efforts to hand out pandemic relief to their citizens—efforts that have often got bogged down as a result of paper checks and other outdated technology.
On Wednesday July 29, 2021, PayPal CEO Dan Schulman proposed using digital wallets to streamline these payments, a process that would not be more efficient but reduce fees for the poorest recipients.
“Imagine not having to send out stimulus checks but sending those directly into a digital wallet where you instantaneously receive it, and you don’t have to go to a check cash-in location and exchange that and get charged for that exchange,
As people continue to struggle with access to affordable credit and income tax returns, given the recent changes in the tax laws with the enactment of The PATH ACT and the Global Coronavirus Pandemic, African-American entrepreneur, Marshawn Govan, developer of Innovative DeFi Tax Advance Mobile Payments “CoinRT ” created a smart contract tailored to the Black and Latino community to revolutionize the tax industry in response to the novel coronavirus pandemic–banks were not lending to people of color who were struggling with access to capital even before the pandemic.
The goal is to give underprivileged and underbanked families access to consumer credit to be able to affordably finance auto loans, make a down payment on a home, investing and/or pay off debt.
We are excited to now be raising capital on Wefunder to allow retail investors to invest as little as $100 in our company to build the next financial institution which will very soon redefine the tax industry for the better.