CEO at the international payment system PayPal, Dan Schulman believes there is going to be more change in the next 5 years than happened in the past 30 years, because the young generation today reshapes many areas, including the financial sector.

Bits Media reports that while speaking at Mad Money on CNBC, Dan Schulman remarked that the young generation, the people under 30 (millenials) think about daily processes, including payment, in a different way than the older generation. PayPal app for Venmo is the evidence of that.

“Venmo users add tags to every payment they make. In fact, it isn’t P2P (peer-to-peer) service, but a social payment experience. And they love it! They open the app just to see what their friends are doing,” noted PayPal CEO.

Dan Schulman estimated P2P payment business at USD 35-40 billion as of today. He expects it to go up to USD 335bn in 5 years or so and predicts that current global volume of the online digital payments - USD 3 trillion - will reach USD 8 trillion by 2020.

In March PayPal Europe signed a memorandum of cooperation with the Luxembourg National Research Fund (FNR) and the University of Luxembourg to create a FNR PEARL chair in fintech. The chair will be jointly financed by FNR and PayPal Europe for five years. The project objective is to study digital technologies and improve communication between users, regulators, and companies.

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