PayPal, which a popular payment platform, has over the years avoided accepting Bitcoin and has also not visibly integrated blockchain into its platform. However, the payment platform has not developed an employee incentive program that is blockchain based.
According to reports the director of innovation at PayPal’s innovation lab located at San Jose, California, Micheal Todasco, Cheddar, the blockchain-based platform took six months and the work of 25 strong teams to develop. Now, the platform went live in November.
Todasco describes the platform as Venmo-like, where people can comment on and like, and see all the activities that relate to innovation within PayPal.
PayPal’s blockchain-based platform gives incentives to its employees in the form of crypto-tokens. However, these tokens only have value within PayPal and its platform. Also, employees can gain tokens by contributing ideas and being part of innovation programs. Plus, they can also trade tokens.
The platform’s blockchain ledger records transactions made with the token, and these transactions can be redeemed for over 100 different experiences or rewards.
How Does This Help With PayPal’s Future Blockchain Development?
Prototypes are what the innovation lab at PayPal is primarily focused on. Some time back, the lab studied voice technology which later became a part of PayPal’s development. Hence, this could mean the blockchain-based platform can be a way test blockchain-based systems which could be launched as an external service or a wider internal audience.
These reports have, however, not been confirmed by PayPal, with only mentions from Todasco that the lab works with new innovative platforms to later be integrated into the business.
PayPal CFO, John Rainey mentioned back in May 2018 that Bitcoin was too volatile for its merchants, stating where PayPay stands with the cryptocurrency industry. PayPay did file a patent early this year for a system to better the payment speed of cryptocurrency. But, most patents don’t always become real developments.
It might just be the right time for PayPal to develop something new to the market since its app was overtaken by Square’s Cash App on Google Play Store. The Square app offers services for bitcoin trading and has become the number one finance application in the US region of the Play Store.
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