DIGITAL MONEY: Paypal is developing a super wallet app that will embrace and integrate the cryptocurrency world
Great news for PayPal users – The creation of the great wallet app has just taken a decisive step. PayPal’s vision is to be more than just a payment button for consumers, but rather a place where useful applications are concentrated, like WeChat, including a whole series of crypto services.
A great PayPal to become essential
The coding of the PayPal super wallet app is complete . The CEO of the company, Dan Schulman, announced the news on the 28th July 2021, during the conference call with investors regarding the results of the 2nd quarter of 2021. The company believes, according to him, that the portfolio will be operational in the United States. United over the next few months .
Its users will benefit, among other things, from high-yield savings and messaging features, early access to direct deposit funds, and “additional crypto capacities”. Schulman said each portfolio would be ” unique, driven by advanced AI and machine learning capabilities.”
The idea of a super app would have germinated in Schulman’s mind 3 years ago during a dinner at his home in Palo Alto, San Francisco, with Martin Lau, the president of Tencent Holdings Ltd, the parent company. of WeChat. Schulman wanted to integrate the apps that are really used on a daily basis into this great app.
His vision is to make PayPal more than a payment button for consumers , and to transform it into a one-stop shop for purchases and finance . PayPal wants to follow in the footsteps of WeChat, which has taken up this challenge for the Chinese market.
The super challenge of cryptocurrencies
Schulman, however, said in an interview that “it’s difficult to become a great app“, while being aware that this is a position that many companies want to occupy.
With its potential to attract more users and engage existing ones even more, PayPal’s super app can only benefit cryptocurrency adoption. The company recently raised the weekly cap on cryptocurrency that its users residing in the United States can buy to $100,000 .
Venmo, the PayPal-owned payments company that launched cryptocurrency trading in April 2021, recorded approximately $ 58 billion in payments for Q2 2021, with 76 million active accounts .
In addition to its super wallet app project, PayPal is also reportedly looking into the possibility of launching its own stablecoin . Schulman also has a keen interest in Central Bank Digital Currencies (CBDCs). Will their launch divert PayPal’s interest in cryptocurrency over the long term to the benefit of CDBCs?
