PayPal is balancing robust consumer confidence against the mounting coronavirus threat.
"You have the strongest consumer we've ever known," PayPal's global credit chief, Darrell Esch, said at a conference this week. "Then on the other hand, you've got this pandemic risk." Wage growth and low unemployment have fueled consumer demand, but coronavirus fears caused the S&P 500 to suffer its fastest correction since the Great Depression last week.Visit Business Insider's homepage for more storiesPayPal is balancing healthy consumer demand against the growing coronavirus threat, Darrell Esch, the payments titan's global credit boss, said at a conference this week.
"You have the strongest consumer we've ever known," Esch told the KBW Cards, Payments & Financial Technology Symposium. The high US savings rate, low unemployment, and solid wage growth have translated into record payment rates, he continued. "Then on the other hand, you've got this pandemic risk." "It is an interesting tightrope to be on right now," Esch added. "It's really weird to see how strong the consumer is and how volatile everything still is.", killed nearly 3,300, and spread to upwards of 80 countries. It has disrupted international supply chains, hammered consumer demand, and interfered with businesses around the world.
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