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PayPal will be upgrading its crypto-related services with an upgraded version of its app. Dubbed the “super app wallet,” it will introduce enhanced features including additional crypto capabilities, and is expected to be rolled out in the coming months.
CEO Dan Schulman revealed during PayPal’s Q2 2021 investor update call that the super app wallet is already “code complete.” The payments giant plans to launch the app for its United States customers in the next several months.
Messaging capability, early access to direct deposit funds, high yield savings are among the new features that will be introduced by the super app wallet. More importantly for crypto investors, the enhanced application will also be equipped with “additional crypto capabilities,” although the exact details for these capabilities have not yet been revealed at the moment.
The super app will also arrive packed with high-tech supporting features. Each wallet would be “unique, driven by advanced AI and machine learning capabilities,” according to the PayPal CEO.
PayPal is one of the pioneers in bringing crypto within easy reach to retail users and traders. “We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” Schulman said, according to Cointelegraph. “We’re also seeing strong adoption and trading of crypto on Venmo.”
PayPal is among the largest payment platforms in the world with over 400 million active user accounts as of June 30, 2021. The payments giant also reported that its total payment volume for the second quarter this year is around $311 billion.
Meanwhile, its subsidiary Venmo posted a total payment volume of around $58 billion for the second quarter of 2021. The payments firm has 76 million active user accounts and, just like its parent firm, also introduced crypto trading in April.
