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.
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