PayPal is betting that its business model will continue to be popular as more merchants use it to accept credit cards, as well as to buy and sell goods and services.
The company’s CEO, Bobby Lee, on Tuesday said PayPal is looking to make payments to more than 10 million merchants across the world in the next year and a half.
That could give PayPal a bigger lead over rivals like Square and Venmo.
“PayPal’s business is a big step backward,” Mr. Lee said during a call with analysts and investors.
“We are still going to have to be able to be disruptive.
But the fact that we can be a big player in that space and have a really good product, that will allow people to go to PayPal and use PayPal is a really great thing.”
PayPal’s business will likely continue to gain popularity in the near term.
It has a growing number of merchants, including retailers like Amazon, Walmart and Target, as it continues to gain customers and become more profitable.
Lee said PayPal will likely add 50,000 merchants per month over the next two years, though that number will drop as more people start using PayPal for everyday purchases.
Mr and Mrs. Lee have long advocated for a payment system that is easy to use, with few fees, and is as secure as possible.
The couple also believe the payments system can be adapted to more consumer-facing businesses, like airlines and hotel chains, which are becoming increasingly popular.
In a recent report, analysts at Wedbush Securities projected PayPal’s revenue growth for this year to be about 15 percent, while total revenue growth was expected to be 11 percent.
Paypal is also working on new features that could help merchants accept more merchants and improve its customer service.
Paying with credit cards is easier for customers than paying with their debit cards, but it is a lot more expensive.
Mr Lee said PayPal has already started making the payment processing experience better and will add more features over the coming months.
The PayPal CEO said the company’s revenue and profit growth for fiscal 2017 were the best he’s seen in the last 15 years.
He added that he’s confident PayPal’s growth will continue, but acknowledged it has a lot of work to do to become a viable payment system.
“Our growth is going to slow down over time,” he said.
“If we continue to see growth in that revenue and profits, then we will be in the best position we’ve been in since the dot-com bubble.
But there’s still a lot that we have to do.”