What COVID-19 means for the future of commerce, capitalism and cash
-
0:01 - 0:06Corey Hajim: Today, our guest
is Dan Schulman, CEO of PayPal. -
0:06 - 0:09When most of us think of PayPal,
we think of buying something online -
0:09 - 0:13or paying a friend back
for a drink using Venmo. -
0:13 - 0:17But PayPal has also become
a major financial services player, -
0:17 - 0:21often acting as an alternative
to a traditional bank. -
0:21 - 0:23During this pandemic,
-
0:23 - 0:28PayPal has supported small businesses
around the world by providing loans, -
0:28 - 0:29waiving fees
-
0:29 - 0:32and increasing cash back programs.
-
0:32 - 0:34It has also worked with the US government
-
0:34 - 0:37on its Paycheck Protection Program,
-
0:37 - 0:40as well as distributing stimulus checks.
-
0:40 - 0:45It has enabled an outpouring
of generosity online as well. -
0:46 - 0:48The trend towards digital payments,
-
0:48 - 0:51or what we might now want
to think of as "contactless payments," -
0:51 - 0:54has massively accelerated,
-
0:54 - 0:57and it's changing forever
how we think about commerce. -
0:57 - 1:00So I'm really excited
to have Dan here with us. -
1:00 - 1:01Thank you so much, Dan.
-
1:03 - 1:07Dan Schulman: Thanks for having me, Corey.
Pleasure to be here with you. -
1:07 - 1:09CH: Glad to see you.
-
1:10 - 1:12So let's dive right in.
-
1:12 - 1:16Within a few months
of this pandemic's arrival, -
1:16 - 1:19more than 30 million people
have filed for unemployment -
1:19 - 1:21in the United States alone.
-
1:21 - 1:24These are certainly unusual circumstances,
-
1:24 - 1:28but it seems clear we were running
very close to the edge, -
1:28 - 1:30and now so many businesses
and their employees -
1:30 - 1:34are facing huge financial challenges.
-
1:34 - 1:35How worried are you?
-
1:37 - 1:42DS: Well, I think the crisis
has exposed three things. -
1:42 - 1:45Obviously, it's a health crisis
-
1:45 - 1:47for so many people.
-
1:47 - 1:51Second thing is,
that health crisis has ricocheted, -
1:51 - 1:56and the world is now
in an economic crisis. -
1:56 - 1:59And the third crisis
that we don't talk so much about -
1:59 - 2:01but I think is impacting the way
-
2:01 - 2:04that we're going to live
our lives going forward -
2:04 - 2:08is: this is a psychological
crisis as well. -
2:08 - 2:13People are reexamining
their place in the world, -
2:13 - 2:15what's happening in the world,
-
2:15 - 2:17how they're going to live their lives,
-
2:17 - 2:20both in the pandemic and postpandemic.
-
2:20 - 2:25And so I think this is something
that each of those phases -
2:25 - 2:28will need to be dealt with.
-
2:28 - 2:30But you said this,
-
2:30 - 2:32and I completely agree with you:
-
2:32 - 2:36there was an economic crisis happening
-
2:36 - 2:39well before the pandemic exposed this.
-
2:39 - 2:42It's kind of like
the water level came down -
2:42 - 2:46and exposed what was already there.
-
2:46 - 2:49You had, for instance, in the US,
-
2:49 - 2:54185 million adults in the US
-
2:54 - 2:58struggling to make ends meet
at the end of the month. -
2:58 - 3:04You have over 70 million adults that are
really outside of the financial system, -
3:04 - 3:10spending over 140 billion dollars
on high interest rates, -
3:10 - 3:12unnecessary fees
-
3:12 - 3:14and struggling as well.
-
3:14 - 3:19And so I think
what this has really done -- -
3:19 - 3:23because you can't ignore 20,
25 percent unemployment rates -- -
3:23 - 3:25it's exposed this crisis
-
3:25 - 3:31and forced a lot of people into, maybe,
actions that they might not have taken -
3:31 - 3:33without this crisis happening.
-
3:35 - 3:36CH: Yeah, I think that's right.
-
3:36 - 3:39There are so many challenges
and so many opportunities, -
3:39 - 3:43and I think you've spoken
of this opportunity -
3:43 - 3:47of digital transactions
being helpful to people, -
3:47 - 3:50and obviously the trend, as you've said,
-
3:50 - 3:55has massively accelerated and pushed us
into this world even further. -
3:55 - 3:57So I'm curious:
-
3:57 - 4:00What does the world
look like without cash? -
4:00 - 4:01Or less cash?
-
4:01 - 4:04What are the advantages
and what are the challenges -
4:04 - 4:06of making that transition?
-
4:07 - 4:12DS: I think some of the trends that are
emerging coming out of this pandemic -
4:12 - 4:16or coming into it
and as we look forward is, -
4:16 - 4:23clearly, this has been a discontinuous
change in the trend line -
4:23 - 4:26as we move from physical to digital.
-
4:26 - 4:32I think we've accelerated
many forms of digital capabilities -
4:32 - 4:35by three to five years.
-
4:35 - 4:39And that can be from digital payments
-
4:39 - 4:42to telemedicine
-
4:42 - 4:46to really changing the face of retail
-
4:46 - 4:49and how we think about retailing,
-
4:49 - 4:52changing the face of entertainment,
-
4:52 - 4:57even changing the way governments
think about managing and moving money -
4:57 - 5:01and really thinking about
digital currencies going forward. -
5:01 - 5:06And so I think there are
a tremendous number of changes -
5:06 - 5:08that will occur
-
5:08 - 5:10during this pandemic and coming out of it.
-
5:10 - 5:14Digital payments is obviously
one of the big ones that will happen. -
5:14 - 5:17I mean, cash has been around
for quite some time, -
5:17 - 5:19thousands of years.
-
5:19 - 5:23I would not be so bold
as to predict its full demise. -
5:23 - 5:27Many people have been wrong doing that.
-
5:27 - 5:30But there is no question right now
-
5:30 - 5:34that you will see an acceleration
of the demise of cash. -
5:34 - 5:39Last year, you had
over 18 trillion dollars of cash -
5:39 - 5:41spent at retail.
-
5:41 - 5:44Eighty-five percent
of the world's transactions today -
5:44 - 5:46are done in cash still.
-
5:46 - 5:51But the really big change right now
-
5:51 - 5:52towards digital payments,
-
5:52 - 5:58and that's both the advent
and the acceleration of commerce -
5:58 - 5:59that's happening,
-
5:59 - 6:04as well as the shift to in-store
contactless payments, as you said, -
6:04 - 6:09and the real impetus for that
is health reasons. -
6:09 - 6:12People do not want to hand over money.
-
6:12 - 6:15They do not want to touch screens.
-
6:15 - 6:18They don't want to pick up a pen
and sign at the point of sale. -
6:18 - 6:23And so there is a demand
-
6:23 - 6:26for contactless payments
and digital payments -
6:26 - 6:31to keep social distancing
requirements in place, -
6:31 - 6:33to protect the health of cashiers,
-
6:33 - 6:36to protect the health of consumers.
-
6:36 - 6:42And I think we are going to see,
we are already seeing in our business, -
6:42 - 6:46a surge in digital payments
across the world. -
6:48 - 6:50CH: It seems like a great opportunity,
-
6:50 - 6:54but how do we make sure
that this transition is inclusive? -
6:54 - 6:58I mean, you've talked about
how so many people are underserved -
6:58 - 7:01by the traditional banking industry.
-
7:01 - 7:03How do we make sure that those people
-
7:03 - 7:05have that opportunity?
-
7:05 - 7:07And it feels like a smartphone
-
7:07 - 7:09becomes an essential item.
-
7:09 - 7:11How do we address that?
-
7:12 - 7:13DS: Yeah.
-
7:14 - 7:20I do think that a mobile
is really a key to unlocking this. -
7:21 - 7:24I've often said that, really,
-
7:24 - 7:29one of the big moon shots
for the financial services industry -
7:29 - 7:32is this idea of not just
financial inclusion. -
7:32 - 7:34Most people define financial inclusion
-
7:34 - 7:38by somebody having
access to a bank account, -
7:38 - 7:41but just having access to a bank account
is not nearly enough. -
7:41 - 7:44I think what we need to aim for
-
7:44 - 7:46is how do we think about financial health?
-
7:46 - 7:50How do we make sure
that people have the ability -
7:50 - 7:53to have some wherewithal
-
7:53 - 8:00to create savings to withstand some kind
of financial shock to the system? -
8:00 - 8:03I do think that mobile phones
-
8:03 - 8:06will be the way that this occurs
-
8:06 - 8:09and will be very inclusive going forward.
-
8:09 - 8:15There are going to be something like
six billion smartphones in the world -
8:15 - 8:17over the next several years.
-
8:17 - 8:20The cost of a smartphone is plummeting.
-
8:20 - 8:25I think in India now you can buy
a smartphone for under 25 dollars. -
8:25 - 8:30So you're going to have ubiquity
of smartphones across the world, -
8:30 - 8:34and, in fact, what's very interesting
is, in lower-income populations, -
8:34 - 8:40there is a greater penetration
of smartphones than in higher income -
8:40 - 8:45because the smartphone
is the only device that somebody has. -
8:45 - 8:50Higher-income individuals
may have desktops or iPads, -
8:50 - 8:51that kind of thing,
-
8:51 - 8:54but lower income can afford one device,
-
8:54 - 8:56and they choose it to be a smartphone
-
8:56 - 9:00because they can get and live their life
through that one device. -
9:00 - 9:02And think about that one device.
-
9:02 - 9:06Really, you have all the power
of a bank branch -
9:06 - 9:08in the palm of your hands.
-
9:08 - 9:14And when you can start
to create distribution of services, -
9:15 - 9:16financial services,
-
9:16 - 9:18through a smartphone,
-
9:18 - 9:22you then are able
to manage and move money -
9:22 - 9:25in ways that we couldn't do traditionally.
-
9:26 - 9:28In the physical world,
-
9:28 - 9:29if you get a check,
-
9:29 - 9:33you need to then go
to a cash checking place to cash it. -
9:33 - 9:36You stand in line for 30 minutes.
-
9:36 - 9:40They then charge you anywhere
between two and five percent -
9:40 - 9:44to just change the format of currency
-
9:44 - 9:46from a check to cash.
-
9:46 - 9:48And then you have cash
and you want to pay a bill. -
9:48 - 9:50You need to stand in line again
-
9:50 - 9:51at a bill pay,
-
9:51 - 9:54and then you have to pay maybe 10 dollars
-
9:54 - 9:57for an individual bill as a fee.
-
9:57 - 10:00If you do that via a smartphone,
-
10:00 - 10:04I believe that not only do you save
a tremendous amount of time, -
10:04 - 10:06because if you're outside
the financial system, -
10:06 - 10:10managing and moving money
is practically a part-time job -
10:10 - 10:12to go and do that,
-
10:12 - 10:15so not only do you save time
and return time to individuals, -
10:15 - 10:19but you can cut the cost of transactions
-
10:19 - 10:23by anywhere between 50 and 75 percent.
-
10:23 - 10:27And remember that $140 billion
number that I gave you? -
10:27 - 10:29And that's just in the US.
-
10:29 - 10:32Imagine if you could cut that in half
-
10:32 - 10:36and return that to the most
vulnerable populations -
10:37 - 10:38that need it most.
-
10:38 - 10:41So I think there's tremendous promise
-
10:41 - 10:43in the use of technology
-
10:44 - 10:46to help provide both inclusion
-
10:46 - 10:49and make sure there aren't
digital haves and have-nots, -
10:49 - 10:53but also to start on this journey
towards financial health. -
10:54 - 10:56CH: Yeah, I think a lot
of people don't realize -
10:56 - 10:59that you don't need a bank
account or even a credit card -
10:59 - 11:03to open a PayPal account,
-
11:03 - 11:05which is super-interesting.
-
11:05 - 11:09I mean, do you see a time
where traditional banks don't exist -
11:09 - 11:14or at least play a much smaller role
in the financial services industry? -
11:14 - 11:17DS: Well, I think the entire
financial services industry -
11:17 - 11:20is evolving right now,
-
11:20 - 11:25and so I think banks
will always play a role, -
11:25 - 11:29or as far into the future as I can see,
-
11:29 - 11:31but it will evolve.
-
11:31 - 11:35I mean, think about basic credit cards.
-
11:35 - 11:37Today, you think about a credit card,
-
11:37 - 11:41and you think about it
predominantly as a form factor, -
11:41 - 11:43something that you pull
out of your pocket. -
11:43 - 11:47Sometimes there's status associated with
what you're pulling out of your pocket, -
11:47 - 11:52depending on the color
of that credit card. -
11:52 - 11:56But really I think those
form factors start to go away -
11:56 - 11:59and become embedded in digital wallets.
-
11:59 - 12:03So credit will always
be an important element. -
12:03 - 12:05You know, most people in the world,
-
12:05 - 12:11it isn't that their cash outlays
exceed their cash intake. -
12:11 - 12:15It's just that they're not
evenly distributed. -
12:15 - 12:19So there are times where your
cash outflows exceed your cash intake, -
12:19 - 12:24and there, you need some form of credit
to make up that difference. -
12:24 - 12:30And so I think forms of credit
will always be an important element. -
12:30 - 12:36But the way that you extend credit
will change going forward, -
12:36 - 12:39the way that you think
about scoring people -
12:39 - 12:42in terms of can they handle credit.
-
12:42 - 12:46You know, traditionally,
in more developed countries, -
12:46 - 12:50you use what's called
FICO scores or bureau scores, -
12:50 - 12:54but those ignore so many
of the financial transactions -
12:54 - 12:57that people who are outside
the financial system do, -
12:57 - 13:01like paying rent
or paying their bills on time. -
13:01 - 13:07And with the data and information
and machine learning around that -- -
13:07 - 13:09and we need to be careful
that there aren't biases -
13:09 - 13:12built into those algorithms --
-
13:12 - 13:16we can start to do things
that could never be done before. -
13:16 - 13:18I'll just give you one quick example.
-
13:18 - 13:23We're one of the largest providers
of working capital to small businesses -
13:23 - 13:25in the world.
-
13:25 - 13:28We're probably one of the top five
in the United States. -
13:28 - 13:32So we've done over 14, 15 billion dollars
-
13:32 - 13:35of lending of working capital
to small businesses. -
13:36 - 13:40Seventy percent of that
goes to the 30 percent of counties -
13:41 - 13:45where 10 or more banks
have closed branches. -
13:45 - 13:47And where do banks close branches?
-
13:47 - 13:49Banks close branches in neighborhoods
-
13:49 - 13:53where the median income
is below the national average, -
13:53 - 13:56which makes sense because
for a branch to be profitable, -
13:56 - 13:59they need a certain amount of deposits
-
13:59 - 14:01for that branch to actually be profitable.
-
14:01 - 14:04And so, in lower income neighborhoods,
-
14:04 - 14:06branches are starting to close.
-
14:07 - 14:10So why are 70 percent of our loans
in those lower income neighborhoods? -
14:10 - 14:12It's because we do machine learning.
-
14:12 - 14:16We don't even look at FICO scores
or bureau scores. -
14:16 - 14:19We look at a number
of different data elements. -
14:19 - 14:23And so we can lend into
those lower income neighborhoods -
14:23 - 14:25where nobody else can,
-
14:25 - 14:27and when we do that,
-
14:27 - 14:33the average sale of a small business
goes up by 22 percent. -
14:33 - 14:37And imagine the impact that has
on communities and neighborhoods -
14:37 - 14:40where they can finally get
the working capital -
14:40 - 14:42to expand those small businesses.
-
14:42 - 14:44And I think that's a perfect example
-
14:44 - 14:48of the promise of what technology
and financial services -
14:48 - 14:49married together can do.
-
14:51 - 14:54CH: I think it's so interesting.
-
14:54 - 14:55I'm curious.
-
14:55 - 15:01The tech industry has been criticized
for amassing power over society, -
15:01 - 15:05not that the banking industry
isn't criticized. -
15:05 - 15:09But what do you say about people
who might be worried about -
15:09 - 15:13tech companies taking on
even more influence and control -
15:13 - 15:15over what's happening in their lives?
-
15:15 - 15:17DS: Yeah.
-
15:17 - 15:24Well, I think what's so important
for any company and tech companies -
15:24 - 15:30is to respect the boundaries
-
15:30 - 15:34in terms of what consumers expect
from a company that serves them. -
15:35 - 15:41I think the most important brand attribute
that a company can have is trust, -
15:41 - 15:45and trust comes from the understanding
-
15:45 - 15:49that a company respects your privacy
-
15:49 - 15:54and will not sell
your data or information, -
15:54 - 16:00that it can perform transactions
in a secure manner -
16:00 - 16:04so that your transactions are protected.
-
16:04 - 16:08And I think those
are kind of foundational, -
16:08 - 16:12and I think any company
needs to respect that. -
16:12 - 16:16They need to assure that consumers
-
16:16 - 16:20have the privacy that they desire
-
16:20 - 16:24and the safety and security
that is required -
16:24 - 16:25to serve them the right way.
-
16:27 - 16:32CH: And obviously, you've gained
a lot of trust with the US government. -
16:32 - 16:36Maybe we could talk a little bit
about how you've been working with them -
16:36 - 16:41to distribute some money
through the Paycheck Protection Program. -
16:41 - 16:42And I was curious,
-
16:42 - 16:45I've been reading about it,
and it sounds like -
16:45 - 16:4830 million-ish small businesses
in the United States -
16:48 - 16:51are able to get those funds,
-
16:51 - 16:54but only six million
have received the loans. -
16:54 - 16:56What do you think's happened?
-
16:57 - 16:58DS: Yep.
-
16:58 - 17:03Well, I think initially, the government --
and I give them a lot of credit -- -
17:03 - 17:06they responded quite quickly
-
17:06 - 17:10with a 3 trillion dollar stimulus package.
-
17:10 - 17:13These are massive numbers
that were happening -
17:13 - 17:16in very condensed time frames.
-
17:16 - 17:20We were working with various agencies,
-
17:20 - 17:24very closely with the Treasury Department,
-
17:24 - 17:28in terms of distribution of the stimulus.
-
17:28 - 17:34And they were working literally
night and day on this. -
17:34 - 17:37The Small Business Administration
was working night and day. -
17:37 - 17:40But these are volumes
-
17:40 - 17:44that have never been seen before
running through these systems, -
17:44 - 17:49and the first tranche of those loans
-
17:49 - 17:50was very difficult.
-
17:50 - 17:57There were a lot of technical difficulties
in getting those out to small businesses. -
17:57 - 18:00And that first tranche was not enough,
-
18:00 - 18:04and it was quickly used,
-
18:04 - 18:08and there are still
a host of small businesses -
18:08 - 18:10that needed money.
-
18:10 - 18:12The second tranche that came out
-
18:12 - 18:14is still actually in effect.
-
18:14 - 18:16It has not been used up,
-
18:16 - 18:19and we are continuing to lend on that.
-
18:19 - 18:25We've been able to lend
to some 50,000 small businesses. -
18:25 - 18:28We've lent out about 1.7 billion dollars,
-
18:28 - 18:31and our loan size,
-
18:31 - 18:32which really I'm proud of,
-
18:32 - 18:35is about 31,000 dollars.
-
18:35 - 18:40The average that a bank does
is between 100 and 125,000 dollars. -
18:40 - 18:45So we are lending
to these true small businesses -
18:45 - 18:47on Main Street,
-
18:47 - 18:52and I'm proud that we've
been able to go do that, -
18:52 - 18:56and I think we should give credit
to the US government -
18:56 - 18:59and governments around the world
-
18:59 - 19:01that are taking this quite seriously
-
19:01 - 19:06and putting a tremendous amount,
a percentage of their GDP, -
19:06 - 19:09towards the rescue of small businesses
-
19:09 - 19:12and towards trying
to take care of consumers -
19:12 - 19:17that find themselves
in really difficult straits right now. -
19:17 - 19:18And we've been trying to,
-
19:18 - 19:24instead of people mailing out checks,
which is ridiculous in today's world -- -
19:24 - 19:27people aren't living where they think
they're going to be living, -
19:27 - 19:30they're with their parents or with friends
or in a different location, -
19:31 - 19:32and mailing a check
-
19:32 - 19:35and then having to take a check
and go somewhere, -
19:35 - 19:37which you can't even go
if you're sheltered in place, -
19:37 - 19:38to cash it,
-
19:38 - 19:41doing that electronically
just makes a ton more sense -- -
19:41 - 19:44and we've been working
with the IRS and Treasury -
19:44 - 19:48and other government agencies
to distribute that electronically. -
19:49 - 19:51CH: Yeah, that makes a lot of sense.
-
19:51 - 19:54It's a massive, massive project
-
19:54 - 19:56for all of us.
-
19:56 - 19:59Whitney is here with some questions
from our community. -
20:00 - 20:02DS: Hello, Whitney.
-
20:02 - 20:04Whitney Pennington Rodgers:
Hello Dan. How are you? -
20:04 - 20:06So the community has
some interesting questions -
20:06 - 20:09following up on what you
were talking about earlier about security. -
20:10 - 20:11We have a question from Marc --
-
20:11 - 20:14and I apologize in advance
if I mispronounce your name, Marc -- -
20:14 - 20:15Marc Vanlerberghe:
-
20:15 - 20:18"The move to digital cash
could be one more step -
20:18 - 20:20towards creating the perfect
surveillance state. -
20:20 - 20:22How do we avoid this from happening?"
-
20:23 - 20:26DS: Yeah, well, this is what
I was talking about, Marc, before. -
20:26 - 20:32I mean, I think this idea of trust
-
20:32 - 20:34is incredibly important.
-
20:34 - 20:39I think the only companies
that will be successful -- -
20:39 - 20:44and I think we hold a lot of this
in our own hands as consumers, by the way; -
20:44 - 20:47we need to be aware of data
and information that we're giving -
20:47 - 20:50and to what companies
we're doing that with -- -
20:50 - 20:54but I think the companies
that will be successful -
20:54 - 20:56are those that have
a high degree of trust, -
20:56 - 21:01and trust happens
by protecting your privacy -
21:01 - 21:06but also very much assuring
that your transactions in a digital world -
21:06 - 21:08are safe and secure.
-
21:08 - 21:12I mean, the idea of cybersecurity
-
21:12 - 21:14has always been important,
-
21:14 - 21:19but is ever more important
as we move from physical to digital, -
21:19 - 21:22and that's where
large data sets are important, -
21:22 - 21:28because a consumer's identity
is stolen every two seconds. -
21:28 - 21:31Every two seconds, some consumer
has their identity stolen. -
21:31 - 21:33And so we have to be, for instance,
-
21:33 - 21:38we have to be sure
that even when you sign in -
21:38 - 21:40with your credentials,
-
21:40 - 21:42they're actually real credentials.
-
21:42 - 21:48We have to look at 30 to 100
different elements of that transaction -
21:48 - 21:50to make sure it's really you
-
21:50 - 21:53before we let that money
out of your account. -
21:53 - 21:58And so there is a combination
of making sure you have enough data -
21:58 - 22:00to protect somebody
-
22:00 - 22:05but also assure that your privacy
is held sacrosanct, -
22:05 - 22:10and I think that is a balancing act
and one that needs to happen -
22:10 - 22:13in order for us to do this successfully.
-
22:15 - 22:19WPR: Great, and actually sort of going
from digital cash to digital currency, -
22:19 - 22:23we have another question
from Simone Ross in our community -
22:23 - 22:26about the opportunity that exists
for digital currency. -
22:26 - 22:29She mentioned that PayPal
pulled out of Libra. -
22:29 - 22:35What would it take for a truly inclusive
digital currency to take hold here? -
22:35 - 22:37DS: Yeah.
-
22:37 - 22:42I think there is a tremendous
amount of promise -
22:42 - 22:46as we think about digital currencies.
-
22:46 - 22:48Our pulling out of Libra
-
22:48 - 22:54had nothing to do with our firm conviction
-
22:54 - 23:01that blockchain and other forms
of maybe stable coin currencies -
23:02 - 23:04are extremely important
-
23:04 - 23:06and can be very, very helpful,
-
23:06 - 23:08especially in different
parts of the world. -
23:08 - 23:13As we think about stability
in different parts of the world -
23:13 - 23:16where currencies
can fluctuate up and down, -
23:16 - 23:21to have a more stable currency
where somebody can know, -
23:21 - 23:23if they have that,
-
23:23 - 23:25that it's going to be worth x amount,
-
23:25 - 23:27and that they can transact,
-
23:27 - 23:29either with other individuals
around the world -
23:29 - 23:33or, importantly,
at merchants around the world. -
23:34 - 23:41And we are looking at all forms
of digital currencies right now, -
23:41 - 23:44working hand in hand
with a number of different governments, -
23:44 - 23:50and I think we should all think about
how technology is going to evolve -
23:50 - 23:53and how currencies will evolve
as a result of that. -
23:53 - 24:00And I think this crisis
has really opened the eyes -
24:01 - 24:03of many governments around the world
-
24:03 - 24:08as to the need for different tool sets
-
24:08 - 24:10to create stimulus
-
24:10 - 24:16and to efficiently and quickly
and effectively distribute funds -
24:16 - 24:18to their citizens.
-
24:19 - 24:22WPR: Great. Well, I'll be back shortly
with more questions, -
24:22 - 24:25and I'd just love to remind the community
that you can ask questions -
24:26 - 24:27on the "Ask question" feature.
-
24:27 - 24:30Be sure to use the pull-down tab
to select Episode 2, -
24:30 - 24:31so those questions come.
-
24:31 - 24:32Thank you.
-
24:32 - 24:33DS: Thanks, Whitney.
-
24:33 - 24:35CH: Thanks, Whitney.
-
24:35 - 24:39Dan, I want to go back to something
we touched on in the beginning -
24:39 - 24:41about financial wellness.
-
24:42 - 24:44PayPal has done something unique
-
24:44 - 24:50in terms of calculating
how much to pay people -
24:50 - 24:52and how much you should spend on benefits.
-
24:52 - 24:55Traditionally, wages
are set by the market, -
24:55 - 24:59but you've found that paying
as much or even more than other companies -
24:59 - 25:00wasn't always enough.
-
25:00 - 25:02Can you tell us about that moment?
-
25:03 - 25:05DS: Yeah.
-
25:05 - 25:11So I said, kind of, in our opening,
in one of my opening statements, -
25:11 - 25:17that two-thirds of Americans
struggle to make ends meet -
25:17 - 25:19at the end of the month.
-
25:20 - 25:24They are financially stressed,
-
25:24 - 25:28and it kind of wreaks havoc in their life.
-
25:28 - 25:34I did a study to look at PayPal employees.
-
25:34 - 25:37We did a research study,
-
25:37 - 25:40and I did it because I thought I was going
to get back this great information -
25:40 - 25:44that I was going to talk about
at an employee meeting -
25:44 - 25:45about how well we pay,
-
25:45 - 25:48because we pay, to your point,
-
25:48 - 25:50at or above market
-
25:50 - 25:52in every single location around the world.
-
25:53 - 25:58And what I found is, unfortunately,
like the rest of the world, -
25:58 - 26:01even though we paid at market
or above market, -
26:01 - 26:0660 percent of our operations personnel,
-
26:06 - 26:10our entry-level employees,
our hourly workers, -
26:10 - 26:11face the same thing.
-
26:11 - 26:13They struggle to make ends meet.
-
26:13 - 26:16And that was simply unacceptable for me.
-
26:16 - 26:20I think the world is changing
-
26:20 - 26:24in terms of the responsibility
of corporations, -
26:24 - 26:27the responsibility of CEOs.
-
26:27 - 26:31We have a lot of different stakeholders
that we try to satisfy, -
26:31 - 26:36from regulators to shareholders
to customers to employees. -
26:36 - 26:40But I think the number one
responsibility that we have -
26:40 - 26:44is the health -- financial health --
of our employees, -
26:44 - 26:48because nothing could be
more important to a company -
26:48 - 26:53than to have financially secure,
passionate employees working for you, -
26:53 - 26:56because nobody is going to serve customers
-
26:56 - 27:00better than employees
who feel a part of something -
27:00 - 27:05and feel financially secure and glad
to be a part of that company. -
27:05 - 27:09And so then the real question becomes:
How do you measure that? -
27:09 - 27:13Because a lot of people think
about living wages or a minimum wage. -
27:13 - 27:16And we thought that was insufficient,
-
27:16 - 27:22and we came up with a measurement
we called "net disposable income," -
27:22 - 27:23which is, basically:
-
27:23 - 27:29After you pay taxes and
your basically essential living expenses, -
27:29 - 27:35how much money do you have
left over for discretionary things -
27:35 - 27:37or to save?
-
27:37 - 27:40And here's the really unfortunate thing --
and I'm not proud of this, -
27:40 - 27:43but remember, we were paying
at market or above, -
27:43 - 27:47so I thought the market would
take care of this, right, by doing that -- -
27:47 - 27:51we found that for that population,
-
27:51 - 27:56they had four to six percent
NDI, net disposable income, -
27:56 - 27:59after paying taxes
and essential living expenses. -
27:59 - 28:01That is not enough.
-
28:01 - 28:03You are going to struggle
to make ends meet. -
28:03 - 28:07And by the way, NDI changes
location to location to location -
28:07 - 28:09around the globe, right?
-
28:09 - 28:14There's a different NDI in Manila,
a different NDI in Omaha, Nebraska, -
28:14 - 28:17than there is in New York City, etc.
-
28:17 - 28:21And so we basically
said to ourselves, -
28:21 - 28:25we need to take
NDI to 20 percent. -
28:25 - 28:27Because at 20 percent --
-
28:27 - 28:31and that's a huge shift,
from four to six to 20 percent -- -
28:31 - 28:37but at 20 percent,
you actually have the ability to save -
28:37 - 28:42and to put money away and to take care
of discretionary expenses. -
28:42 - 28:47And so we did a pretty
massive reorientation -
28:47 - 28:50of our compensation systems.
-
28:50 - 28:56We lowered the cost
of benefits by 58 percent, -
28:56 - 29:00because benefits
are like a regressive tax, -
29:00 - 29:03you pay the same amount
no matter what your salary is. -
29:03 - 29:07And so we had a lot of employees
who weren't taking health care benefits, -
29:07 - 29:10because it cost too much
to be able to do that. -
29:10 - 29:12So we lowered it by 58 percent.
-
29:12 - 29:16We made every single employee
of PayPal a shareholder -
29:16 - 29:19and an owner of the business,
-
29:19 - 29:21and we gave them pretty big grants
-
29:21 - 29:26so that they could be a part
of the success of PayPal going forward. -
29:26 - 29:30We raised salaries where we needed
to go and do that. -
29:30 - 29:33And then we wrapped all of that
into a financial education program, -
29:33 - 29:36because people had never
gotten equity before, -
29:36 - 29:38they were trying to think through,
-
29:38 - 29:42"How do I save now that I've got
incremental dollars to go and do that?" -
29:42 - 29:49And that cost us quite a bit
of money to go and do that, -
29:49 - 29:51but I really feel,
-
29:51 - 29:54just like how we spend a lot of money
to take care of customers, -
29:54 - 29:58as you mentioned up front, in COVID-19,
-
29:58 - 30:04that companies need to stand
for more than just making money, -
30:04 - 30:08for more than just maximizing
our profits next quarter. -
30:08 - 30:12I firmly, firmly believe
-
30:12 - 30:16that the costs associated
with taking care of our employees, -
30:16 - 30:18taking care of our customers,
-
30:18 - 30:21will benefit us in the long run
-
30:21 - 30:24multiplefold over the costs
associated with doing that. -
30:24 - 30:29And we're already beginning
to see some of the impact of that. -
30:29 - 30:36And so, I think every CEO, every company,
-
30:36 - 30:39needs to really now start to think about,
-
30:39 - 30:42especially maybe
as a result of this crisis, -
30:42 - 30:45but as I mentioned,
we had a crisis before this, -
30:45 - 30:50how do we put our employees first,
take care of them? -
30:50 - 30:53Because if you do that,
you'll take care of customers, -
30:53 - 30:54and if you take care of customers,
-
30:54 - 30:56you'll take care of
shareholders, inevitably. -
30:56 - 31:02And so this has been a huge part of it
-
31:02 - 31:04about for the last year or so.
-
31:06 - 31:08CH: It's so interesting,
-
31:08 - 31:11and it brings up
so many questions, I think, -
31:11 - 31:13for me and probably our community as well.
-
31:13 - 31:19I mean, PayPal is a hugely
profitable tech business, -
31:19 - 31:23huge free cash flow and big margins.
-
31:23 - 31:26Do you think this model is something
that every company can do, -
31:26 - 31:33whether it's a tech company,
a manufacture, a meatpacking business? -
31:33 - 31:37I mean, is this what everyone
should be focused on? -
31:38 - 31:43DS: Well, I think that --
and I don't want to moralize -
31:43 - 31:47or tell other companies
what they should do -- -
31:47 - 31:51but to me, I think
everyone should understand -
31:51 - 31:53the financial health of their employees.
-
31:53 - 31:56That's a baseline thing to go do.
-
31:56 - 31:59What you do post-that
-
31:59 - 32:05is up to maybe your
financial strength as a company -
32:05 - 32:09or where you put your order of priorities.
-
32:09 - 32:11But what I've found is,
-
32:12 - 32:16I thought the market could tell you that,
-
32:16 - 32:20and this is why I say, in many ways --
-
32:20 - 32:22you know, I'm a big believer
in capitalism. -
32:22 - 32:26I think it's, in many ways,
-
32:26 - 32:30the best economic system
that I know of. -
32:30 - 32:32But, like everything, it needs an upgrade.
-
32:32 - 32:35It needs tuning,
-
32:35 - 32:39and at least for
these vulnerable populations, -
32:39 - 32:42just because you pay at market
-
32:42 - 32:46doesn't mean that they have
financial health or financial wellness. -
32:46 - 32:51And I think everyone should know
-
32:51 - 32:55whether or not their employees have
the wherewithal to be able to save -
32:55 - 32:58to withstand financial shocks,
-
32:58 - 33:02and then really understand, like,
what can you do about it? -
33:02 - 33:05I think this NDI measure
-
33:05 - 33:07is a really interesting one.
-
33:07 - 33:09It takes some time to go do it,
-
33:09 - 33:12because you have to be quite thorough
-
33:12 - 33:17and you have to really understand
living expenses by location -
33:17 - 33:20and what tax jurisdictions there are.
-
33:20 - 33:25But you need to create an NDI
-
33:25 - 33:27that's to a certain level
-
33:27 - 33:29where people aren't struggling
to make ends meet. -
33:29 - 33:32Because if people are struggling
to make ends meet, -
33:32 - 33:33they are not as productive at work.
-
33:33 - 33:37They're worried about, like,
what am I going to do with my kids? -
33:37 - 33:39My kid just got sick.
I don't have health insurance. -
33:39 - 33:42I think there's a spiral that occurs.
-
33:42 - 33:45You think you're actually saving money
-
33:45 - 33:47by paying less,
-
33:47 - 33:49but the reality is,
-
33:49 - 33:51at least in my belief system,
-
33:51 - 33:53you take care of your employees,
-
33:54 - 33:57and other things naturally flow from that.
-
33:57 - 33:59They are more productive.
-
33:59 - 34:03They love being a part of that company.
-
34:03 - 34:05They take care of customers better.
-
34:05 - 34:07And all of those things
-
34:07 - 34:13inevitably accrue
to the benefit of a company -
34:13 - 34:16in terms of how it's trying
to serve its ultimate end market. -
34:16 - 34:18But it starts with your employees.
-
34:20 - 34:25CH: So obviously you believe
in this "capitalism needs an upgrade," -
34:25 - 34:29and I think NDI is something
so many companies should adopt. -
34:29 - 34:34But do you think this happens
through benevolent corporate activity? -
34:35 - 34:37I'm channeling my inner Bernie Bro here,
-
34:37 - 34:39but I think a lot of people
would be skeptical -
34:39 - 34:43that we should trust companies
to do better at this point. -
34:43 - 34:47Should the government step in
to raise minimum wages, -
34:47 - 34:51do other things to protect workers
in a more structured way? -
34:52 - 34:56DS: Look, I think the government
clearly has a role to play, -
34:56 - 35:01and I think the private and public sectors
-
35:01 - 35:04need to work closer together
-
35:04 - 35:09to address so many of the issues
-
35:09 - 35:14that we face in our societies
across the world, -
35:14 - 35:17whether that be income inequality,
-
35:17 - 35:20environmental issues,
-
35:21 - 35:22health,
-
35:22 - 35:24protections, that kind of thing,
-
35:24 - 35:26privacy.
-
35:27 - 35:32But the way that I think about this is,
-
35:32 - 35:35it's very difficult for governments
to regulate around this, -
35:35 - 35:39because there are so many
different ways of thinking about it. -
35:40 - 35:43If I were another CEO,
-
35:43 - 35:45and this is like,
-
35:45 - 35:48it's actually in your best interest
-
35:48 - 35:50to go and do this
-
35:50 - 35:53because it's a competitive advantage.
-
35:53 - 35:57Like, we attract, I think,
-
35:57 - 36:01some of the best talent in the world
-
36:01 - 36:02to PayPal,
-
36:02 - 36:05because we have a mission
that people believe in, -
36:05 - 36:09that we actually are trying to make
some sort of positive difference. -
36:09 - 36:12I'm not saying we're
the be-all and end-all, -
36:12 - 36:15but I don't think people
should shirk their responsibilities -
36:15 - 36:18of at least making a small difference
-
36:18 - 36:19going forward.
-
36:19 - 36:22If enough companies did that,
if enough governments did that, -
36:22 - 36:24it would make a real difference
-
36:24 - 36:26in the world.
-
36:26 - 36:27And then the second thing is,
-
36:27 - 36:30you have to have values that support that.
-
36:30 - 36:32And those values are incredibly important.
-
36:32 - 36:35Those values should be
all about inclusion. -
36:35 - 36:38They should be about
having a diverse workforce. -
36:38 - 36:42They should be about financial wellness.
-
36:42 - 36:44And when you do that,
-
36:44 - 36:46and you attract the very best talent,
-
36:46 - 36:49then by definition,
-
36:49 - 36:54I think the single biggest
competitive advantage for any company -
36:54 - 36:56is their workforce.
-
36:56 - 36:59Strategies are great.
-
36:59 - 37:01A whole number of things are great.
-
37:01 - 37:03You have a great workforce
-
37:03 - 37:05that's passionate about what they're doing
-
37:05 - 37:07and is financially secure,
-
37:07 - 37:09and they will do amazing things.
-
37:09 - 37:12And I think it's that kind
of competitive advantage -
37:12 - 37:14that will spur companies.
-
37:14 - 37:17So there needs to be
-
37:18 - 37:23a set of CEOs and companies
-
37:23 - 37:25that start to move in this direction,
-
37:25 - 37:30and I believe you're beginning
to see more do this. -
37:30 - 37:31And once that happens,
-
37:31 - 37:33it starts to tip everything,
-
37:33 - 37:37and I think more and more need to do it
-
37:37 - 37:40to maintain their competitive positioning.
-
37:40 - 37:44And that may seem like a self-serving way
why people are doing it, -
37:44 - 37:46but honestly,
-
37:46 - 37:49I don't care whether they're doing
it out of the goodness of their heart -
37:49 - 37:53or they're doing it
because it's competitively a disadvantage -
37:53 - 37:54if they don't.
-
37:54 - 37:59Creating financial health
for our employees is the goal, -
37:59 - 38:01and we've got to get that done.
-
38:03 - 38:08CH: Yeah. I mean, it sounds like
you think of this as a win-win, -
38:08 - 38:14but it also sounds like you're willing
to maybe think about your employees first -
38:14 - 38:17and sell it to your shareholders later.
-
38:17 - 38:20Whitney is -- oh sorry, go ahead.
-
38:20 - 38:22DS: No, no, no -- I was just going to say,
-
38:22 - 38:24I actually do believe that,
-
38:24 - 38:31and I think the idea
of a multistakeholder capitalism, -
38:31 - 38:34that is a time for today,
-
38:34 - 38:40and we cannot just think
-
38:40 - 38:43that we have one stakeholder
that we need to satisfy. -
38:43 - 38:49We live in our communities,
we live in this world. -
38:49 - 38:52To have people struggling
day in and day out -
38:52 - 38:56is not good for any company, and ...
-
38:56 - 38:58We can only do x amount,
-
38:58 - 39:03but we can actually create
financial health for our employees, -
39:03 - 39:04and we should.
-
39:06 - 39:09WPR: Great. So we have so many questions
coming in from the community. -
39:09 - 39:12One here is from Lara Pearson,
-
39:12 - 39:15basically about whether PayPal
would consider become a B Corporation. -
39:15 - 39:17"Are you familiar with
the B Corp movement, -
39:17 - 39:21environmentally and socially responsible,
multiple-bottom-line for profits? -
39:21 - 39:24Presuming so, has PayPal considered
or would it consider -
39:24 - 39:25becoming a certified B Corporation?"
-
39:26 - 39:29DS: Yep. I'm familiar with B Corp.
-
39:29 - 39:32We have no intention to move
-
39:33 - 39:36to becoming a B Corporation.
-
39:36 - 39:41I think the values
and what we are trying to do -
39:41 - 39:47are very aligned with assuring
a multistakeholder point of view, -
39:47 - 39:50but what I really want
-
39:50 - 39:51is for this to be a movement
-
39:51 - 39:58across major corporations
across the world. -
39:58 - 40:01And you're not going to have
major corporations around the world -
40:01 - 40:03moving into B Corp.
-
40:03 - 40:10There's a lot of other
side issues involved -
40:10 - 40:12with being a B Corporation
-
40:12 - 40:16as opposed to just
a publicly listed company, -
40:16 - 40:21and so that's going to be
a long way before that happens. -
40:21 - 40:24And so what I'm
really trying to do is -
40:24 - 40:30encourage and demonstrate
-
40:30 - 40:33that being multistakeholder,
-
40:33 - 40:35that putting employees first,
-
40:35 - 40:37creates competitive advantage.
-
40:37 - 40:44And I think I'm not the only CEO
who's feeling that, by the way. -
40:44 - 40:48I think people like Satya Nadella
from Microsoft are doing a great job, -
40:48 - 40:53Marc Benioff from Salesforce.
-
40:53 - 40:56I could go through quite a list of names.
-
40:56 - 40:59But the list is not long enough yet,
-
40:59 - 41:04but I think there's some
quite important names -
41:04 - 41:06and individuals around the world
-
41:06 - 41:12who are now talking about
multistakeholder capitalism, -
41:12 - 41:17and I think that's an important element
as we think about our economies -
41:17 - 41:21and way of life looking forward.
-
41:23 - 41:27WPR: And there was so much interest also
in your net disposable income program -
41:27 - 41:29and a lot of questions around that,
-
41:29 - 41:33and one which I think is
along these same lines from Juan Enriquez -
41:33 - 41:36asking about a rational way
to address extreme income disparities. -
41:36 - 41:39And perhaps you could expand
beyond this program, -
41:39 - 41:42just sort of ways
that we might think about this -
41:42 - 41:44in a smarter way moving forward.
-
41:45 - 41:48DS: Yeah.
-
41:50 - 41:57Well, there's no easy solution,
or it would have been done. -
41:57 - 42:00So I think there are a couple things
that I think about -
42:00 - 42:04that may not fully address
extreme income disparities. -
42:04 - 42:11Again, I try to think pragmatically
about these things, -
42:11 - 42:15and, like, what can we really do
to start to address this? -
42:15 - 42:17And again, I think about,
-
42:17 - 42:20if we could take one step
and then another step, -
42:20 - 42:23then you're starting your journey,
-
42:23 - 42:29and without getting overwhelmed
by how far away the end state is. -
42:29 - 42:33So one, I think companies
need to take care of their employees, -
42:33 - 42:36and I think that will
immediately help to address -
42:36 - 42:38some of these income disparities.
-
42:38 - 42:43Number two, I do think that,
-
42:43 - 42:50ironically, if you have less money,
-
42:50 - 42:54it costs you more to manage and move it,
-
42:54 - 42:57which, think about that:
-
42:57 - 43:00the less money you have,
if you're outside the financial system, -
43:00 - 43:04the more you spend to manage
and move your money. -
43:04 - 43:10And I think that technology
-
43:10 - 43:14is at least a foundational way
for us to think about -
43:14 - 43:20how do we cut the basic costs
of managing and moving money -
43:20 - 43:22by 50 to 70 percent,
-
43:22 - 43:24like [check-cashing],
-
43:24 - 43:25sending remittances,
-
43:25 - 43:31which are such a huge,
important part of the world's economy. -
43:31 - 43:34You know, you do it a traditional way,
-
43:34 - 43:36you go into a store
-
43:36 - 43:40and send the remittance to another store
and somebody goes and picks it up. -
43:40 - 43:42First of all, incredibly time-consuming,
-
43:42 - 43:45and it can cost between
eight and 12 percent -
43:45 - 43:48of that remittance amount
that you're sending. -
43:48 - 43:50So if you're sending a hundred dollars,
-
43:50 - 43:54the recipient who so desperately needs it
-
43:54 - 43:56is getting 88 to 90 dollars.
-
43:56 - 44:01If you do that electronically,
digital wallet to digital wallet, -
44:01 - 44:03that can be like three percent,
-
44:03 - 44:05so you can get 97 dollars from that.
-
44:05 - 44:12And so I think there are ways
of addressing the costs. -
44:12 - 44:13As I mentioned,
-
44:13 - 44:18there is so much money
spent on unnecessary fees -
44:18 - 44:20and high interest rates,
-
44:20 - 44:23and if we can drop that
by 20 percent, 30 percent, -
44:23 - 44:28the amount of money we can return
to vulnerable populations is quite large -
44:28 - 44:30and will start to make a difference.
-
44:31 - 44:33WPR: That's great.
-
44:33 - 44:35We have a ton of questions
from the audience, -
44:35 - 44:37just one more before we turn things
back over to Corey -
44:37 - 44:39with her final questions.
-
44:39 - 44:40This one is from Anna Tunkel,
-
44:40 - 44:44which is just, I think, as we are rounding
to the end of the interview here, -
44:44 - 44:47"What are you most optimistic about,
-
44:47 - 44:50and what do you see
as the biggest opportunities -
44:50 - 44:52for 'Building Back Better' after COVID?"
-
44:54 - 44:55DS: Well, I mean,
-
44:55 - 45:00one thing I'm actually optimistic about --
-
45:00 - 45:06and I've always been a believer
in the human spirit -
45:06 - 45:12and the power of an individual
to make a difference. -
45:13 - 45:17I know that sounds very cliché,
but I truly believe it, -
45:17 - 45:20and I think every one of us
can make a difference. -
45:20 - 45:21But here's what I'm seeing.
-
45:21 - 45:25I'm beginning to see that
at a much larger scale -
45:25 - 45:27than I've ever seen before.
-
45:27 - 45:29You know, we have different platforms,
-
45:29 - 45:31either the PayPal platform
or the Venmo platform, -
45:31 - 45:35Venmo here in the US,
PayPal across the world. -
45:35 - 45:40The amount of giving that's happening
through those platforms, -
45:40 - 45:43whether it be to local businesses,
-
45:43 - 45:46to artists, to musicians,
-
45:46 - 45:48to bartenders,
-
45:48 - 45:51to places of worship, to schools,
-
45:51 - 45:54to NGOs, to charities
-
45:54 - 45:58has exploded on the platform, exploded.
-
45:58 - 46:03We have helped to raise
on the PayPal platform -
46:03 - 46:05since COVID-19 struck
-
46:05 - 46:112.8 billion dollars
for NGOs and charities -- -
46:11 - 46:122.8 billion.
-
46:12 - 46:14That's incredible,
-
46:14 - 46:18the amount of generosity
that is pouring out -
46:18 - 46:20from the global community around this.
-
46:20 - 46:27And we're just seeing people
randomly pay it forward. -
46:27 - 46:31Somebody gives 20 dollars to a bartender,
-
46:31 - 46:33and that bartender takes
10 dollars of that -
46:33 - 46:35and gives it to somebody else.
-
46:35 - 46:39And we're watching that over our platform,
-
46:39 - 46:42and that gives me a sense of optimism.
-
46:42 - 46:47I also feel like this period of time
-
46:47 - 46:51has exposed a number of things
that were happening -
46:52 - 46:53but were invisible,
-
46:53 - 46:57and I think when things become visible,
-
46:57 - 46:59that's when you can start to address them,
-
46:59 - 47:02and I think there's a lot of attention
-
47:02 - 47:07on some issues that
should have had attention before, -
47:07 - 47:11but vulnerable populations
don't have as loud a voice as others, -
47:11 - 47:17and now that voice is being heard,
because you can't ignore it. -
47:17 - 47:22And hopefully, that will create progress
-
47:22 - 47:25against some of these
structural inequalities -
47:25 - 47:28that have been there for a long time.
-
47:31 - 47:33WPR: That's wonderful.
-
47:33 - 47:35And there's so much interest online.
-
47:35 - 47:40You have some other questions
to ask as well. -
47:40 - 47:42CH: So I think we have one more
from our community -
47:42 - 47:45from Jacqueline Ashby.
-
47:45 - 47:47Anna sort of stole my last question,
-
47:47 - 47:52which was to restore
our faith in humanity. -
47:52 - 47:54But, there's so much interest
coming in about NDI. -
47:54 - 47:57Is there a way for people to learn more,
-
47:57 - 48:00for you to share your study
and your methodology? -
48:01 - 48:02DS: Happy to do so.
-
48:02 - 48:05There is nothing proprietary about it.
-
48:05 - 48:09We would love for this to be --
-
48:09 - 48:13look, and this may not be
the be-all and end-all measurement. -
48:13 - 48:16It's the best one we could come up with,
-
48:16 - 48:19but if working within the community,
-
48:19 - 48:24we can evolve it and think about
maybe things that it missed -
48:24 - 48:28or maybe things that could be done better,
-
48:28 - 48:29that would be fantastic.
-
48:29 - 48:32I don't know the best way of doing that.
-
48:32 - 48:37I'll leave that to Corey and Whitney
to help me think that through, -
48:37 - 48:39but of course we'd be willing to share it.
-
48:39 - 48:43There is nothing about that
that I don't want to share. -
48:44 - 48:46CH: Sounds like a good TED Talk.
-
48:49 - 48:53Thank you so much, Dan. This has been
a super-interesting conversation. -
48:53 - 48:56I think we could talk for another hour,
-
48:56 - 48:58but thank you so much for being here.
-
48:59 - 49:02DS: Thank you, Corey. Thank you, Whitney.
Thank you, everybody. -
49:02 - 49:04WPR: Thank you, Dan. Thank you.
- Title:
- What COVID-19 means for the future of commerce, capitalism and cash
- Speaker:
- Dan Schulman, Corey Hajim, Whitney Pennington Rodgers
- Description:
-
Capitalism needs an upgrade, says PayPal CEO Dan Schulman, and it starts with paying people enough to actually invest in their futures. He discusses why companies need to cultivate trust to recover and rebuild after the COVID-19 pandemic -- and how we can use this defining moment to create a more inclusive, ethical economy. (This virtual conversation, hosted by TED business curator Corey Hajim and current affairs curator Whitney Pennington Rodgers, was recorded on May 19, 2020.)
- Video Language:
- English
- Team:
- closed TED
- Project:
- TEDTalks
- Duration:
- 49:17
Retired user commented on English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Camille Martínez commented on English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Camille Martínez edited English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Retired user commented on English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Erin Gregory edited English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Erin Gregory edited English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Erin Gregory approved English subtitles for What COVID-19 means for the future of commerce, capitalism and cash | ||
Erin Gregory edited English subtitles for What COVID-19 means for the future of commerce, capitalism and cash |
Retired user
Typo @30:54 you'll take of shareholders, inevitably. => It should be "you'll take _care_ of shareholders, inevitably."
Thanks in advance for the fix.
-yulia
Camille Martínez
The English transcript has been updated on 11/30/20.
Please note the following edit:
30:54
you'll take of shareholders, inevitably ---> you'll take _care_ of shareholders, inevitably
Thank you, and thank you, Yulia!
Retired user
Hi Camille, thanks a lot for the fix!
I might have found another one (moving forward very slowly :)) in 43:21 [check-cashing]
I think DS does mean "cash checking", and should not be corrected. Cash checking means that you check the bank app on your phone to see how much money you have on your account.
Please double check, and if you agree, remove the speaker correction.
Take care,
Yulia