PayPal Chief Financial Officer Jamie Miller was appointed to the additional role of chief operating officer Tuesday as the digital payments business released a slew of announcements during an investors day presentation.
Miller was one of the first people CEO Alex Chriss appointed to his new management team after he took over leadership of the company in September 2023, and she has played a high-profile role in his ambitious plans to transform the company. Her new C-suite role was effective Tuesday.
Under that leadership, the San Jose, California-based company has unfurled a roadmap for change at the company formerly led by Dan Schulman, mapping out plans to make the business into more of a nexus for commerce between merchants and consumers, both digitally and in stores.
On Tuesday, the company also said that it was deepening ties to the payments arm of JPMorgan Chase, the largest U.S. bank, and to the payments technology company VeriFone.
With the expanded JPMorgan Payments tie, PayPal said it will bolster its business in Europe, particularly with merchants in the U.K., via its Fastlane checkout option that lets consumers tap a ‘guest’ checkout path powered by PayPal to pay without using passwords, after they’ve done so once at a given merchant. PayPal also plans to make more use of an international commerce platform operated by the bank.
“This expansion will demonstrate how both companies are united in their mission to scale innovation and redefine the global digital commerce experience,” PayPal said in a Tuesday press release.
PayPal’s Braintree unit, which offers digital payments services to large companies, will partner with VeriFone to offer an enhanced package of omnichannel payments tools to large retailers, grocery store chains, fast-food restaurants, entertainment outlets and other companies around the globe, the company said in a separate Tuesday release. That will include processing software and technology tools for “unified payments acceptance,” whether in-store or online, the companies said.
As part of the agenda presented during the investor event, the company contended that it will accelerate growth of its legacy checkout offering; scale its omnichannel payments services; improve its peer-to-peer payments tool Venmo; and attract more small and mid-sized businesses to its processing services.
The company suggested it will accelerate its transaction margin dollar growth from five percent last year to 10% or higher by sometime after 2027, according to the 224-slide presentation to investors and analysts.
