PayPal’s new “super app” is ready to launch

La nuova "super app" di PayPal è pronta al lancio thumbnail

According to the CEO of PayPal, Dan Schulman, the initial version of the new PayPal “super app” it would now be ready for launch. In the coming months, PayPal plans to roll out the super app in the US, with new payment services, financial services, commercial and purchasing tools arriving every quarter.

PayPal is preparing to launch its new “super app”, including the possibility of chatting

The company has long talked about its ambitions of “Super app”: a change in the direction of the product that would make PayPal a version similar to WeChat in China or Alipay in India. Like those apps, PayPal aims to offer a range of services to consumers under one roof, beyond simple mobile payments.

In previous quarters, PayPal said these new features could include advanced direct deposit, check cashing; budgeting tools; the payment of bills; cryptographic support; subscription management and the “buy now, pay later” functionality. It also said it would integrate e-commerce capabilities, thanks to the mobile purchasing tools obtained through the acquisition of Honey for $ 4 billion in 2019.

Schulman revealed Wednesday that PayPal’s “super app” may have a few other features as well, including high-yield savings; early access to direct deposit funds e messaging functionality, which means you can chat with family and friends directly via the app’s user interface. Extremely useful in case you want to agree on a payment, or thank the interlocutor.

Although the development of the app is now complete, Schulman said the plan is to continue renewing the experience. The initial version will not be “the beginning and the end of it all”: the app will see releases and new features on a quarterly basis.

The numbers of PayPal

PayPal reported an increase in earnings in the second quarter with $ 6.24 billion in revenue, compared to $ 6.27 billion forecast by Wall Street, and earnings per share of $ 1.15, compared to 1.12 forecast. The total volume of payments from commercial customers also rose 40% to $ 311 billion. In addition, PayPal has earned 11.4 million net new accounts in the quarter, to reach 403 million total active accounts.