PayPal Launches Tokenized Incentive System for Employees

Dec 11, 2018 at 22:13

PayPal has rolled out internally a token which is given as a reward to employees who perform satisfactorily.

According to financial news channel Cheddar, the program was intended specifically for those who contribute in the company’s productivity and innovation ideas that are geared toward improving the workspace.

“PayPal’s tokens are redeemable for more than 100 experiences offered on the platform, including poker tournaments with a couple of their vice presidents, a trail run and coffee with CFO John Rainey, and morning martial arts with CEO Dan Schulman,” the Cheddar report read.

Aside from serving as a reward token, the digital coin can be used for purchasing goods and services within the office’s premises.

Although the program was reportedly prepared for six months by PayPal’s San Jose-based innovation team, PayPal has been contemplating a blockchain-based system for over two years now.

Just last March, the company filed a patent in the United States pointing out ways to streamline crypto transactions by means of secondary private keys.

This recent move by Paypal signifies a pivot from its previous perception of digital tokens as lacking in reliability as a payment method while also posing threats to disadvantage small players who are more vulnerable to price jerks.