Payment service provider, PayPal, is expanding its crypto bandwidth since introducing crypto payments and purchases in October 2020. It is set to release a new crypto-based application known as the ‘Super app.’ The app will allow its mammoth users to access a vast range of payment options, including investment products.
According to PayPal President, Dan Schulman, he said the app was ‘code complete.’ As such, its millions of users will not have to anticipate the application’s launch longer than necessary. Schulman noted that with the app, users can gain access to advanced crypto functionality via PayPal.
The president was giving updates on the firm’s Q2 2021 performance when he said this. Schulman also said that PayPal wanted the super app to be released in the US within the next few months. However, he didn’t state a specific timeline for the launch. As regards being available to its users in other countries, the president did not reveal any detail on this.
Super App Wallet to Feature High Yield Savings, Messaging Functionality
PayPal’s ‘Super app’ is reported to be a wallet that will consist of ‘a high-yield savings feature, early access to direct deposit funds, messaging functionality, additional cryptocurrency capabilities and many more.’ The undisclosed crypto capabilities will leave users waiting with bated breath as they anticipate the wallet’s release. What’s more, the president declared that each wallet would be “unique, driven by advanced AI and machine learning capabilities.”
PayPal has cemented its status as a reliable payment service provider since 1998. However, integrating crypto payments on its platform in October 2020 gave the firm more leverage above competitors. With the Super app wallet, the firm’s revenue and user base will do great numbers in the coming months.
Although it was reported that PayPal registered a lower revenue in Q1 and Q2, 2021 compared to last year. PayPal has seen where the global finance system is headed and is looking to embrace and be part of that future with its crypto payments-enabled platform and the yet-to-be-released wallet.
PayPal Records $311 Billion Transaction Volume in Q2
As of June 30, PayPal stated that it had over 400 million active users accounts, having facilitated payment transactions of an estimated $311 billion for Q2, 2021. Its US-based payment application, Venmo also recorded great numbers in Q2, both in users and revenue- 78 million active accounts and $58 billion in cumulative payment volume, respectively. PayPal’s Venmo app also allows users to trade crypto, a new functionality added in April.
In comparison, PayPal is leading the pace as regards cryptocurrency adoption in the payment service industry. A number of innovations have also been noted as cryptocurrencies garner more mainstream adoption. Recently, China-based Alipay added an NFT trading feature on its app, allowing users to buy and sell non-fungible tokens (NFTs).
E-commerce platform Shopify also integrated NFT trading this week. Another E-commerce giant, Amazon was reported to be making efforts to introduce Bitcoin payments on its platform. However, the web hosting service provider denied the claim.
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