PayPal's “super app” is close to launch and will also have messages

PayPal's “super app” is close to launch and will also have messages

The application will most likely end up resembling the Chinese WeChat and Alipay or the Indian Paytm, platforms that offer many other services in addition to digital payments

(photo: Pixabay) Air of news for PayPal, one of the digital payment services to the world. According to company CEO Dan Schulman, PayPal will move forward with its plans to turn its app into a "super app."

Schulman, speaking with investors during the second quarter earnings call of this week, he said everything is ready for the new version of the application to be rolled out.

The company has been talking for some time about its “super app” ambitions. This change appears to eventually make PayPal resemble China's WeChat and Alipay or India's Paytm, applications that provide a wide range of services beyond mobile payments.

PayPal said the new features it plans to introduce include advanced direct deposit, check cashing, budgeting tools, bill payment, cryptocurrency support, subscription management and buy now, pay later.

The company also plans to add e-commerce capabilities using mobile shopping tools obtained after acquiring the $ 4 billion Honey online shopping extension in 2019. Until now, Honey operated as a standalone app, website, or as a browser extension.

Among the other features that the CEO of PayPal has been talking about in recent days, the messaging one stands out, which will allow users to chat without leaving the app.

Schulman said that "the last time I counted there were 25 new features" in the "super app". To integrate them all, PayPal will profoundly change its user interface.

Although the app is complete, the company has announced that it will release new features on a regular basis and on a quarterly basis.

PayPal earned 11.4 million new active accounts this quarter, to reach 403 million total active accounts. The company also reported an increase in second quarter earnings with $ 6.24 billion in revenue, while the payout volume grew 40%.

Finance - 26 Jul

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Digital payments globalData.fldTopic = "Digital payments"

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