Headquartered in America, Paypal is a worldwide online payment gateway that allows the user to transfer money online and acts as an electronic alternative for traditional transaction methods like cheques and money orders.
Paypal is one of the first payment gateways to allow merchants to accept Bitcoin through Braintree. It was done by the way of partnerships with payment processors like GoCoin, CoinBase, and BitPay. Paypal is working towards the leverage of blockchain to serve users and merchants with better solutions.
It is recently reported that Paypal has built its employee reward system using its blockchain in which cryptocurrency tokens will be rewarded to employees. The tokens will be rewarded to those employees who are involved with projects within Paypal or for contributing areas. The system was created by Paypal’s innovation team based out in San Jose, California which took a period of six months. The announcement was made at the end of last week. Since Paypal is in no mood to extend this project beyond the company’s boundaries, therefore, these tokens can only be used to buy good and services within Paypal’s office. And thus, it will allow employees only to trade with each other. Tokens can be redeemed by the employees for different experiences related to the company itself. Tokens can be exchanged for 100 of experiences offered. For instance, employees can play poker with Paypal VP or can have a coffee with CFO or even can practice martial arts with CEO of the organization. It even allows the employee to borrow the manager’s dog for a day.
Michael Todasco, Director of Innovation at Paypal, has compared this reward system with Venmo- a mobile payment solution that not only has the public but also private social media-like feeds. Todasco also said that the employees could see the ongoing activity in Paypal and can also like and comment on the website designed exclusively for this token program. It seemed like a good step towards acclimatizing their employees with the new technology. Though Paypal is experimenting with the integration of blockchain and cryptocurrencies internally, this led to the expectations of many industry experts that the payments powerhouse (Paypal) may take positive strides in the direction of embracing blockchain technology.
The outlines published on Cointelegraph had explained earlier that several companies are frequently adopting blockchain for building loyalty programs. SC Johnson and Plastic bank (environmental organization) have recently launched a recycling program in Indonesia, which give away tokens to local citizens for waste collection. BBVA (Spanish banking giant) has also adopted similar actions to reward people in Spain and Argentina branches, who help to train other new skills to employees. Santander along with BBVA seem to be interested in adopting blockchain technology and virtual currencies but are not allowed to hold cryptocurrencies as per their current legislation.
Amazon (E-commerce Giant) has established two blockchain platforms. Nippon, Japan’s leading shipping company, has recently announced the launch of the digital currency of its own, as an initiative to cut costs associated with transferring salaries to employees abroad.