"When PayPal launched almost three decades ago, the company made its name as one of the world's first fintechs. Now, PayPal faces a slew of competitors, from the payments colossus Stripe to Big Tech giants like Apple. "One of the challenges when you are at a certain scale and you've been around for a while is the very classic innovator's dilemma," Alex Chriss, the president and CEO of PayPal, told Fortune."
"Since January, PayPal's stock price has dropped more than 30% as it tries to halt competitors from encroaching on its core products of online checkout and peer-to-peer payments. In response, the fintech is looking to get a lift from next-generation payment products like stablecoins, and working to incorporate them across its operations and products. "If you were to build the payments ecosystem from scratch today, it wouldn't look like the way it does today," said Chriss."
PayPal launched almost three decades ago as one of the world's first fintechs and now confronts intensifying competition from firms like Stripe and Big Tech. Since January, PayPal's stock has fallen more than 30% as competitors encroach on online checkout and peer-to-peer payments. The company is pursuing next-generation payment products such as stablecoins and integrating them across operations and products to regain momentum. CEO Alex Chriss highlights the innovator's dilemma and the need to continually disrupt existing business models. PayPal experimented with digital assets early and expanded crypto services for users starting in 2020.
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