Dan Schulman

Dan Schulman gave media a glimpse at PayPal’s future in San Francisco event Thursday

Dan Schulman gave media a glimpse at PayPal’s future in San Francisco

PayPal’s new chief executive has promised to expand the popular online payment system in order to handle transactions in stores and on mobile devices.

California-based PayPal will be spinning off from parent company eBay later this year. The CEO of the new PayPal will be veteran executive Dan Schulman.

He said that his company will position itself as a ‘full-service’ payments partner for consumers and merchants. It will handle mobile transactions, credit purchases and even customer loyalty rewards programs.

PayPal was best known as a payment method for purchases made on desktop computers for many years. However, there has been an increase in use of mobile phones to shop online by customers. A third of transactions made on mobile devices is handled by PayPal.

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