PayPal ready to roll out its ‘super app’

July 29, 2021

Dan Schulman, Paypal’s Chief Executive Officer, announced that users can soon expect to see greater crypto functionality through the platform.

According to the CEO who spoke in PayPal’s Q2 2021 investor update call on Wednesday, the initial version of the company’s super app wallet was “code complete.” The head of PayPal president said the company will roll out the wallet in the United States in the upcoming months.

PayPal’s super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more. Schulman further commented and said:

“Each wallet would be unique, driven by advanced AI and machine learning capabilities.”

During the earnings call, it was also reported that PayPal has over 400 million active users as of June 30. These account were responsible for $311 billion in total payment volume for the second quarter of 2021. Venmo, the PayPal-owned payments firm that started offering crypto services in April, brought in roughly $58 billion in total payment volume for the second quarter of 2021. Venmo holds 76 million active accounts. Schulman said:

“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source. We’re also seeing strong adoption and trading of crypto on Venmo.”

PayPal’s Q1 earnings of 2021 were already the “strongest quarter ever” for PayPal with record financial and operating results and the company seems to have continued momentum.

At the beginning of July, PayPal announced it would be upping crypto purchase limits for certain US users from $20,000 to $100,000. It also started offering functionality for users to transfer crypto to their own private wallets.

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Author: Peter Siu

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