Payment service provider, PayPal, has been doing more lately in the crypto space. Only a few days after announcing the almost-due launch of its Super app, an app that allows crypto trading for users in the US, it is looking at extending the same service to its UK market. PayPal’s president and CEO, Dan Schulman gave updates on the Super app while reporting the payment firm’s Q2 performance on Wednesday.
As of July 28, Dan Schulman did not issue details on whether the Super app would be accessible by other markets. However, with the UK market added to the app’s coverage, there is a likelihood that users in other regions will soon gain access to the super app. The Super app boasts of crypto trading services alongside other benefits such as high yield savings, quick access to direct deposit funds, messaging functionality and many more.
PayPal’s sojourn into the crypto space began in October 2020, when the company first announced that it would integrate crypto payments into its platform. The project was successful such that PayPal recorded great numbers in its user base and revenue between late 2020 and Q2, 2021. While reporting Q2, 2021 performance, Schulman noted that the platform now had about 400 million active users and did $311 billion in transaction volume within the second quarter.
On its Venmo app, which is only accessible by the US market, Paypal reported increased user base and revenue, to which the crypto trading feature on Venmo was more contributory. In light of this, the payment service giant is looking at increasing the purchasing limits for crypto on both its PayPal and Venmo platforms. Meanwhile, PayPal already increased the limit to $100k weekly. With more users joining both platforms, PayPal has thought it necessary to improve on functionalities.
In addition, Dan Schulman revealed that the firm is making active efforts towards open banking integration on its ACH service. ACH is known as Automatic Clearing House, which allows for electronic and direct payment collection from checking and savings accounts. This service is mostly used by merchants on PayPal.
PayPal’s CEO Talks About Decentralized Finance
Dan Schulman could not avoid talking about DeFi as it has become a major attraction for institutional investors, including banks. On this, he mentioned that his firm was deliberating on introducing decentralized applications and smart contracts as it looks forwards to what the future of finance holds. As regards the DeFi incorporation, PayPal is working with Ethereum-based DEX, Uniswap and a host of other fintech organizations.
It is not difficult to see where this is going for both the payment service industry and the cryptocurrency industry including DeFi. As the adoption rate increases, both industries are bound for meteoric growth, and PayPal is setting the pace for that. Payment merchants like Alipay are already warming up to cryptocurrency and DeFi adoption; it recently announced that non-fungible tokens can now be traded on its platform.
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