The company has seen an older audience flock to digital payments as cash is seen as a germ risk and people across the U.S. stay at home to avoid spreading Covid-19. People over 50 were the company’s fastest growing segment from March to April, according to PayPal.
This cohort of “silver tech” helped PayPal’s total payment volume recover back to “pre-Covid” levels, CFO John Rainey said at the J.P. Morgan Global Technology, Media and Communications Conference last week.
“We think that these are some sustainable trends in our business,” Rainey said at the annual event, which took place over video conferencing this year.
The demographic shift happened as many were forced to experiment with online shopping, or looked to pay friends or family members. The boost in payment volume was also thanks to the larger purchase sizes by that demographic, according to Rainey.
Continue reading PayPal sees a rise in ‘silver tech’ as older generations test digital payments on CNBC
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