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PayPal payment platform has so far avoided the acceptance of Bitcoin and, at least visibly, not considered blockchain for its platform. Now he has launched an employee incentive program based on the internal blockchain.
A production of PayPal's innovation lab in San Jose, Calif. Led to this platform 25 six-month teams to build and went live this November, according to Cheddar and the director of innovation at Michael Todasco laboratory. He says that the platform is a:
"Venmo-type feeds can like and comment and see all the ongoing activities of PayPal related to innovation".
The new blockchain platform of PayPal rewards token-token employees, but they only have value within PayPal and the platform. Staff can earn tokens by participating in innovation programs and contributing ideas, they can also exchange tokens. Token transactions will be recorded on the platform's blockchain register and can be redeemed for over 100 different awards or experiences. These range from poker tournaments to PayPal vice-presidents, a martial arts morning with PayPal CEO Dan Schulman to borrow the boss's dog of investor relations.
Will this lead to future Blockchain developments for PayPal?
The innovation workshop on PayPal works mainly on prototypes. He studied speech technology some time ago and now the vocal projects are now part of the development of PayPal. This could mean that the platform for internal employees is a way for PayPal to try a blockchain-based system that could theoretically launch on a wider internal audience or as an external service. This was not confirmed by PayPal, with Todasco communicating to Cheddar that the lab works with new platforms to implement them. And, only if they are successful and there is a business case to do it.
In May 2018, PayPal CFO John Rainey stated that Bitcoin was too volatile for its merchants, illustrating PayPal's position vis-à-vis the cryptocurrency industry. Rainey qualified to state that if the merchant's request was increased, PayPal could revise its Bitcoin policy.
There may still be more internal PayPal revenue than it looks, but it has filed a patent that was revealed at the start of this year for a system to improve the speed of cryptocurrency payments. Patents do not always lead to real developments, however.
It may be time for PayPal to offer something new to the market, the PayPal app has just been surpassed on the Google Play Store from the Square Cash app. The Square app offers bitcoin trading services and now holds first place in the category of financial applications in the US region of the store.
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