PayPal is in an interesting position these days that I think we can all learn from. With a growing number of competitors, particularly from the fintech space, their business is under a lot of pressure from investors to show that they are still relevant. Recently, PayPal announced that it is rolling out 25 features to its “super-app”, known as PayPal Here. These new capabilities include support for iPhone X, Apple Pay and PayPal’s new partnership with Google.
The world’s biggest payments company is getting even bigger. PayPal, the one-time “PayPal app” has today unveiled a suite of new features that are all designed to make the company’s users life easier.
PayPal’s (PYPL) new “Super-App” may be the company’s (PYPL) most impressive in-house app yet, though it is no less than what the e-commerce firm has been working on since the launch of the PayPal mobile app in 2008. The app, which the company calls the “first of its kind,” will feature new capabilities that are designed to make it easier and more efficient for users to spend, lend, and save their money. Among the many new features expected to be added to the app is the ability to send funds to friends or family members as well as make payments via Venmo and Zelle, both of which allow users to receive money
PayPal has been and continues to be one of the most important payment systems in the world. Acceptance of next-generation technologies, such as those based on blockchain, is part of its capacity to remain atop a competitive industry. As PayPal seeks to expand its integration of DeFi and Crypto in general, here are a few recent instances of more forward thinking.
Super-App for PayPal
Dating back to late 2020, PayPal made it know that big changes were incoming for its popular app. Fast forward to the present, and Dan Schulman, PayPal CEO, has just stated in the company’s Q2 earnings call that that development of these updates is now complete. It is now expected that new features will be rolled out in phases over the coming months.
The fact that this version of PayPal’s app is so complete sets it apart from previous versions. It will not only enable mobile payments, but it will also seek to add services like chat, budgeting tools, and more cryptocurrency integration. The business wants to offer an experience for its consumers that doesn’t need moving between apps.
“We’ve got shopping and incentives. We have an entire giving center dedicated to crowdsourcing and charitable donations. Then, of course, purchase now, pay later will be completely integrated…. We’re going to add like 25 additional features to the super app, the last time I counted.” — Dan Schulman, PayPal’s CEO
Aside from the numerous improvements planned for the PayPal app, expectations were heightened last week when it was announced at a crypto-conference in Paris that the firm is looking into DeFi. PayPal, in particular, was thought to be actively collaborating with Uniswap at the time. Uniswap has the potential to add innovative and ground-breaking features to PayPal’s services as the world’s biggest decentralized exchange.
Unfortunately, officials from Uniswap have now spoken out, claiming that no formal agreements with PayPal or other like-minded businesses have been formed. While nothing is formal yet, it is obvious that Uniswap is hoping for this to happen so that it may be integrated and accepted into mainstream banking. With Dan Schulman’s recent remarks suggesting an interest in DeFi, a possible collaboration isn’t out of the question.
“How can we make smart contracts work better for us?” How can we digitize assets and make them available to customers who previously did not have access to them? There are also some intriguing DeFi apps. As a result, we’re putting in a lot of effort.” — Dan Schulman, PayPal’s CEO
Expansion in the United Kingdom
While the Uniswap announcement was premature, PayPal’s expansion of crypto-based services into the United Kingdom was not. Dan Schulman, the company’s most recent results call, said,
“Yeah, so, we’re still very happy with the crypto momentum we’re witnessing… We plan to debut in the United Kingdom, perhaps as early as next month, and begin trading there.”
PayPal’s venture into crypto has been warmly welcomed, with profits of $6.24 billion in the second quarter and an active user base of over 400 million. With this in mind, it’s no surprise that the business is seeking to grow further in the United Kingdom.
If you’re not familiar with PayPal, it’s an app that lets you send and receive money, pay bills, split payments, store your credit card information and much more. In addition to the core app, it also has a number of other features, including savings, a credit card, payment alerts and prepaid cards, and e-commerce, which means you can shop online by swiping your PayPal account.. Read more about paypal new app and let us know what you think.
This article broadly covered the following related topics:
- paypal to launch super app in q3 2021
- paypal wants to be an all in one super app
- paypal expansion
- paypal banks on a new future
- paypal super app