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PayPal RBC Conference
Doug Bland (head of PayPal Consumer) interviewed with RBC today. Here were the key highlights:
- Honey has the flexibility to pivot more of its deal generation to non-discretionary goods to foster more consumer value amid generation-high inflation levels and to stay more relevant during these tougher times.
- PayPal has been talking about "doing fewer things better" recently but hasn't offered color on where it would pull back to focus more on things like checkout and the two digital wallets. Doug offered that color today with QR Code being a key area of investment moderation. It still sees a future here, but the short term is less bright than it thought it would be.
- There's a new debit card launch coming in the near future. He wasn't supposed to tell us that but he did by mistake. Much appreciated.
- The decline in Venmo user growth following the abrupt pandemic pull-forward has normalized with user growth "as expected as PayPal laps some numbers."
- Pay with Venmo trends at its "large merchants" (not yet Amazon) are exceeding internal expectations (a cliché but still worth noting). It has been extremely cautious with Venmo monetization to ensure it doesn't turn off its vast and loyal user base (I can relate intimately to this via the path I've chosen with my own newsletter -- but I digress). So far, Venmo has seen no signs of diminishing engagement due to ramping monetization.
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