As the company that brought online payments into the mainstream, PayPal spurred a wave of innovation that changed the financial services industry forever. But under Schulman’s leadership, the company continues to display an insatiable appetite to push its business forward—something that’s necessary given how both established rivals and upstart competitors in the realm of digital payments are constantly searching for an edge.
To that end, PayPal keeps looking at ways to parlay its immensely popular Venmo money-transfer app via new offerings. Those include an “instant transfer” feature that enables users to access funds more quickly in exchange for a 1% fee, as well as plans for a Venmo-branded credit card that’s expected to launch in 2020.
Yet the company appears to recognize that commerce may eventually veer away from both cash and cards altogether. In turn, Schulman is reportedly targeting new in-store digital payment offerings that could also roll out as soon as 2020. That would expand PayPal’s reach beyond its bread-and-butter market of online payments, and into the world of physical, brick-and-mortar retail.
So far, PayPal shareholders would appear to have little reason to doubt Schulman’s judgment; the company’s stock closed at more than $100 per share for the first time in 2019, and both revenues and earnings continue to grow at double-digit rates.
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