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PayPal CEO Schulman: FinTech Could Lift 30 Million People Out Of Poverty

|Includes: PayPal Holdings, Inc. (PYPL)

PayPal (NASDAQ:PYPL) CEO Dan Schulman wants to revolutionize the financial system by creating and implementing new technologies to execute transactions.

"There are 2 billion in the world that live outside the financial system. The things we take for granted -- paying a bill, cashing a check, sending money to a loved one -- are incredibly time-consuming for them and very expensive," Schulman told CNBC's "Squawk Box" from Davos, Switzerland, on Wednesday morning.

Schulman contends that financial technology could make these types of transactions simpler, more secure and more profitable.

"For instance, international remittances, a $600 billion business today, costs on average 8% for someone to send that. We can send that same payment for 3.7%," Schulman said. "That's savings, if you extrapolate it, of $28 billion that could be returned to people who really need that money."

He asserted that that cost reduction alone could have the potential to lift some 30 million people out of poverty. One part of his vision is to strike partnerships with payment companies, like the July 2016 dealwith Visa (NYSE:V) .

"I think what we came to the realization of is that the war is really against cash and waste," Schulman stated. "Governments waste over $130 [billion] to $140 billion in leakage of cash. If we could become allies and partners in the advancements of digital payments, that could be a win for all of us."

www.thestreet.com/story/13957552/1/paypa...

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.