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Paypal, an online payment system platform has so far avoided the implementation of Bitcoin. But he recently implemented an internal employee incentive program based on Blockchain technology.
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. Although they can not use coins outside of PayPal, they can exchange them with each other.
An employee who wants to spend the tokens on something could buy "experiences" like a morning with the CFO or borrow the head of the dog from investor relations for a day.
The platform follows a patent application filed by the company on an accelerated virtual currency transaction system, which was disclosed to the public for the first time at the start of this year.
The awards system traces a similar program set up by the Spanish bank BBVA, which provides a platform for the benefit of approximately 4,000 employees between Spain and Argentina.
The bank offers tokens that can be exchanged for training, as well as giving employees the ability to earn tokens for training colleagues. The tokens themselves are contained in & # 39; BBVA Campus Wallets & # 39; assigned to each employee.
Todasco states that the platform is:
"Venmo-type feeds can like and comment and see all the ongoing activities of PayPal related to innovation".
Just for a reminder, Paypal has integrated Venmo in May of this year. Since then, customers can make purchases through their Venmo balances, without the need to open PayPal accounts.
There is no additional cost for merchants to use the service. In addition, they must not make changes to their integration with PayPal to accept the Venmo payments.
PayPal's innovation lab works primarily on prototypes, while also examining voice technology before. Currently he focuses on vocal projects as part of development. The initiative of the massive payment system indicates that PayPal is using the new internally tested technology.
It could use blockchain technology for a larger internal audience or for a base of external service users in the future. Todasco also reveals that the laboratory works with new platforms to launch them in the business for the time being. He added that only if they are successful and there is a business case to do it.
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.
In May, CFO on PayPal, John Rainey noted explaining PayPal's position on Crypto that Bitcoin was too volatile for its merchants. He said that if the merchant's demand increases, PayPal could revise its policy on Bitcoin.
They were almost famous when CEO Dan Schulman said in January that Bitcoin is not ideal for retailers.
He said:
"I think right now, and we're seeing this perhaps more than ever before, the volatility of cryptocurrency makes it actually unsuitable to be a real currency that retailers can accept."
In particular, the payment platform giant has filed a patent for a system to increase the speed of cryptocurrency payments at the start of this year. PayPal is moving towards its blockchain implementations.
