From our Obsession
Future of Finance
New technology is upending everything in finance.
PayPal is heading to Super Bowl 50. The payments firm will use its debut appearance on advertising’s largest stage to share its global vision for the “future of money,” the company said Tuesday (Dec. 15).
The ad is under wraps for now, but Greg Fisher, PayPal’s vice president of global brand marketing, hinted at the future PayPal plans to illustrate:
“People around the world are moving away from carrying cash and getting money out of ATMs to using digital wallets and making all of their purchases on mobile only,” said Fisher, in statement. “They’re using digital payments for everything from big life moments, like getting married, to donating to charities that do amazing work in various corners of the globe, to everyday purchases at the local store. Our purpose is to … empower people and businesses to move and manage money securely, efficiently and affordably.”
PayPal has always had a keen eye when it comes to the future of money. In 2013, PayPal acquired payment processor Braintree, which owns the mobile payment service Venmo. Both have performed well since. Last quarter, PayPal said Venmo processed over $2 billion transactions, and Braintree powers the financial backend of startups like Airbnb and Uber.
To figure out where PayPal sees the future of money going now, you don’t have to look very far. The company is investing in cross-border payments (PayPal recently bought Xoom for $800 million), and an up-and-coming area of finance called “contextual commerce,” which uses everyday interactions and conversations to drive commerce. It acquired Modest, which specializes in the field.
The 45-second Super Bowl commercial, created by Crispin Porter & Bogusky L.A., will run nationally during the first quarter of the game, airing on CBS on February 7, 2016. The ad will kick off a national campaign, which will be PayPal’s first since it split from eBay earlier this year.
By airing the ad during the big game, the first time Super Bowl advertiser aims to reach both a national and local audience—the Super Bowl is being held in Santa Clara, California, Silicon Valley’s backyard.