PayPal’s New Super App to Offer Enhanced Crypto Services
- PayPal unveiled its new Super App service during the earnings call with investors
- The feature will offer better and broader crypto functionalities
Payment processor PayPal unveiled plans to build on its existing cryptocurrency services by offering a brand new “Super App” wallet, open banking integration, expansion to the UK market and crypto transfers to third-party wallets.
PayPal CEO Dan Schulman Says Crypto Demand Remains Strong
Speaking during PayPal’s quarterly earnings call, CEO Dan Schulman praised the company’s efforts to dive deeper into the fast-emerging cryptocurrency market. “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that,” said Paypal’s CEO.
Mr. Schulman talked at length about the upcoming Super App feature that would aim to allow several key functionalities to PayPal’s user base of over 400 million active accounts. “I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman shared during the call, while also saying the service should be active “in the next several months.”
How Will New Features Benefit Users?
“New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.”
PayPal CEO highlighted the company is seeing rapid adoption of crypto among the company’s clients. On that note, to meet rising demand, Mr. Schulman said the payment giant recently increased weekly cryptocurrency purchase limit to $100,000, while removing the annual limit altogether.
The Payment Giant Continues to Expand into Cryptos
The payment company remains strongly committed to its digital asset strategy oriented toward offering its clients broad access to the cryptocurrency market. PayPal joined crypto land in October last year when it integrated the option to trade cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin and Ethereum.
In the first quarter of this year, PayPal introduced the “Checkout with Crypto” feature. This feature allowed customers to seamlessly convert cryptocurrency to fiat currency at checkout, for no additional cost. Moreover, the second quarter marked another strong period of crypto demand, continuing the high growth rate of crypto use during the first three months of 2021.