PayPal CTO Highlights Consumer-Centric Approach
At the recent Economic Times Global Business Summit, Sri Shivananda, PayPal’s Chief Technical Officer, emphasized an interesting point: for cryptocurrency to genuinely thrive, it must adapt to the wants and needs of consumers. In his words, cryptocurrency has shifted from being viewed purely as a currency to being perceived more like an asset.
Shivananda succinctly stated, “The main thing to keep in mind in this business is to follow consumers.” It’s like trying to convince a cat to take a bath; they need to see the value in it first!
Currency Digitization: Inevitable Future
Shivananda firmly believes that the digitization of currency is not just a random trend – it’s unavoidable. He laid it down clearly: it’s a matter of “if not when.”
He warned us to brace ourselves because the future of currency will be influenced by a variety of players, including consumers, merchants, fintech innovators, and regulatory bodies. This resembles a complicated dance-off where every participant’s moves matter!
Learning from Success: The UPI Model
He drew attention to India’s National Payments Corporation which has successfully managed a Unified Payment Interface (UPI) that has made both micropayments and person-to-person transactions as smooth as butter on hot toast. Shivananda praised the UPI as a model for financial transactions that shouldn’t just be admired from afar. Instead, he believes it should be studied and emulated globally.
PayPal’s Withdrawal from Libra: A Change of Heart
Shivananda also took a moment to clarify PayPal’s surprising exit from the Libra Association in 2019, which many originally attributed to regulatory concerns. However, his take was that while PayPal initially viewed Libra as a solution for unbanked populations, they later concluded that the tangible benefits wouldn’t materialize in the short term. It’s like thinking a puppy is going to grow into a service dog, only to find out he’s more interested in chewing shoes.
The Current Landscape of Cryptocurrency in India
Shivananda’s insights came at a pivotal time for India’s cryptocurrency sector, which recently celebrated a win with the Supreme Court overturning the Reserve Bank of India’s ban on banking services for crypto firms. However, the celebration might be a bit premature with lingering uncertainty as the RBI may appeal the ruling. With the future of a proposed legislative bill hanging in the balance, it’s clear the roller coaster of crypto regulation isn’t slowing down anytime soon!
So, in the spirit of Shivananda’s message, whether you’re a big corporation or a casual crypto enthusiast, keeping an ear to the ground and listening to consumer desires could hold the key to cracking the crypto code!
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