PayPal Becoming a "Super App"

SAN JOSE, Calif.—PayPal’s plan to morph itself into a “super app” has been given a go for launch.

According to PayPal CEO Dan Schulman, speaking to investors during the firm’s second-quarter earnings call, the initial version of PayPal’s new consumer digital wallet app is now “codecomplete” and the company is preparing to slowly ramp up.

Over the next several months, PayPal said it expects to be fully ramped up in the U.S., with new payment services, financial services, commerce and shopping tools arriving every quarter, Tech Crunch reported.

“The company has spoken for some time about its ‘super app’ ambitions — a shift in product direction that would make PayPal a U.S.-based version of something like China’s WeChat or Alipay or India’s Paytm,” Tech Crunch added. “Like those apps, PayPal aims to offer a host of consumer services under one roof, beyond just mobile payments.”

In previous quarters, PayPal said had indicated the new features may include things like enhanced direct deposit, check cashing, budgeting tools, bill pay, crypto support, subscription management, and buy now, pay later functionality.

Working to Integrate Commerce

It also said it would integrate commerce, thanks to the mobile shopping tools acquired by way of its $4 billion Honey acquisition in 2019.

So far, PayPal has continued to run Honey as a standalone application, website and browser extension, but the super app could incorporate more of its deal-finding functions, price-tracking features and other benefits, Tech Crunch noted.

Boston Firefighters Credit Union recognizes employees for their hard work during the pandemic

 

The Boston Firefighters Credit Union (BFCU) honored its employees with an early closure and a “night of fun and entertainment” for their “continued hard work and dedication, especially during the pandemic.”

“BFCU staff has gone above and beyond working tirelessly to help first responders manage their finances, providing uninterrupted, high-quality service to firefighters, police and emergency medical technicians who serve on the front lines,” the organization added in a press release. “BFCU is committed to supporting its employees and to ensure they have the resources needed to succeed in the workplace and that they enjoy a good quality of life. Following the early closure, BFCU treated all employees to a night of fun and entertainment, including a dinner for all staff”

“This day means a lot to me as an employee at the Boston Firefighters Credit Union, as I work with a great team and have learned valuable life lessons along the way,” Kayla Bolstad, BFCU Mortgage Loan Officer said. “BFCU was very supportive of us throughout the pandemic and made sure we were able to get acclimated to an unusual working environment and thrive. I am truly honored to work at such a fantastic institution that strives to take care of its employees.”

Boston Firefighters Credit Union, headquartered in Dorchester (60 Hallet Street), has provided critical financial services for first responders and their families serving the Boston area since 1948. For more information, the Dorchester Post invites you to visit www.bosfirecu.com.

Q2’s 6.5% Economic Growth Still Fell Short of ‘Expectation,’ Says NAFCU Economist, Citing Supply Chain Issues

WASHINGTON—While the U.S. economy reported growth of 6.5% during the second quarter, it’s still a number that fell “short of expectations,” according to one CU economist.

Curt Long

The Q2 estimate data was released late last week by the Commerce Department.

NAFCU’s Curt Long said in response, "While that is a solid number even under the circumstances, it did fall short of expectations."

"One source of the shortfall was inventory accumulation," said Long, chief economist and vice president of research. "Normally, this would be cause for optimism as variances tend to even out over time, but in this case, it clearly points to the ongoing supply chain issues that are hampering production and spurring inflation.

"Another area of weakness was residential investment," added Long. "Housing starts declined in the second quarter as builders contend with labor and supply shortages and market uncertainty. With fading stimulus impulse and unsustainably high growth rates seen in the last two quarters, a slowdown in growth over the second half of the year is likely."

The Biggest Contributors

According to the Commerce Department, major contributions to real GDP came from personal consumption (+7.8%), with the majority of the gain coming from the services sector instead of the goods sector. Gross private investment deducted 0.6%age points while net exports deducted 0.4%age points.

PCE inflation, the Fed's preferred inflation metric, rose 6.4%. Meanwhile, core PCE inflation, excluding food and energy, rose 6.1%.

"The Delta variant is a concern but has not had a large economic impact in the U.K.," Long added. "However, the continuing effects of the virus globally will weigh on net exports. Consumers are still leading the recovery and they remain flush with cash and generally optimistic. That should be enough to maintain a solid growth rate for at least the next 12 months.”

CUToday