Companies

PayPal CFO Sees Opportunity In Consumers Who Have Mobile Devices, But Not Bank Accounts

“PayPal is doubling down on the idea of helping the “unbanked” — people who don’t use typical financial services — by chasing one key group, CFO John Rainey told CNBC on Wednesday. “There’s something like two billion people across the world that don’t have things that you and I take for granted – a checking account, a banking account, a home mortgage, traditional financial services,” Rainey told “Mad Money” host Jim Cramer in an exclusive interview. “The unique aspect about those two billion people is that 70 percent of them,” or some 1.4 billion, “have a mobile device,” Rainey said.”