Last week, PayPal met with representatives from the Consumer Financial Protection Bureau (CFPB), the newly created federal agency tasked with regulating consumer protection with regards to financial products and services in the U.S.  The meeting was an opportunity to showcase PayPal’s products and services and to continue to build strong relationships and goodwill with CFPB, a current and future regulator.

Additionally, PayPal provided its perspective to CFPB on the latest happenings in the mobile payments industry.  As the eBay community already is proving, mobile is revolutionizing how people shop and pay, becoming the digital center of peoples’ lives.  As a global leader in mobile commerce -- in 2012, over 4.3 million new eBay users made their first purchase on mobile -- eBay’s iPhone and iPad applications are available in eight languages and 190 countries.  By 2015, more U.S. Internet users will access the Internet through mobile devices than through PCs or other wireline device.  Moreover, as a recent study suggests, 56 percent of shoppers with smartphones believe smartphones will make their shopping experience more enjoyable (Accenture).

One of PayPal’s key messages to agencies continues to be that the company has a global track record of combining technology and business innovation with thoughtful cooperation and engagement with regulators and law enforcement.  PayPal is committed to working with government leaders to develop new regulatory models that achieve timeless policy goals that allow for innovation, economic growth and consumer empowerment.