PayPal is a world-leading online payment system that was launched in December 1998. The company empowers around 400 million users and merchants globally. To remain the top online payment giant, PayPal plans to update its services and become not just an online checkout button. According to Dan Schulman, PayPal CEO, the company is ready to develop a super app that will offer multiple services under one roof. Let’s see PayPal’s super app code complete and ready to launch.
What to Expect from The Super App?
Rumors about PayPal’s Super app have been circulating for some time. Those reports were confirmed during the company’s second-quarter results investor meeting when Schulman outlined the future of the super app.
According to PayPal’s CEO, the new version is already code completed. However, they want to ramp up the digital consumer payment app gradually. Once the super application is ready, PayPal will finally offer its users access to a variety of services.
These new features may include things like check cashing, early access to direct deposit funds, budgeting tools, subscription management, additional crypto capabilities and buy now, pay later functionality. All of that will enable PayPal’s digital wallet to make an impact on users’ day-to-day life.
In India, however, it’s important to note that PayPal has recently taken down their payment transaction operations. This will make way for other payment processors like Skrill and MuchBetter to strengthen their position even further in the domestic market. These are trusted payment methods that people are using to pay bills, do online shopping, store funds in gaming platforms, subscribe to different types of sports and entertainment streaming services and even make 1-tap deposits and withdrawals from sportsbooks and popular cricket betting apps.
PayPal’s Super App will bring the platform to be more like PayTime, WeChat, and Alipay apps, offering a number of consumer services with mobile payment capabilities — the idea of integrating eCommerce into the super app began in 2019 when PayPal purchased Honey, an app with mobile shopping tools and price tracking features.
PayPal acquired the company through a $4 billion deal, most of which was paid cash. It is still PayPal’s largest purchase to date. The acquisition of Honey gave PayPal access to its 17 million active monthly users, thus extending the PayPal community further
However, since the purchase, PayPal has been running Honey as a free-standing app, which is about to change once PayPal finishes ramping up the super app. The new version of PayPal can be accessed using different capable phone brands, for instance, Huawei Honor and even other less powerful smartphone gadgets like Sony Xperia 10II.
PayPal Plans to Include Messaging Component to The Super App
With the integration of Honey’s eCommerce tools to the new super app, PayPal is already bigger and better than many OfferUp alternatives. However, the PayPal team doesn’t seem to be contented as they plan to make the platform more interactive by including the Messaging component. Since people converse while making payments, they will not have to switch to a different app to chat, everything including sending acknowledgments, will take place conveniently on the Super app. PayPal aims to increase interaction among its users with the massaging components, ultimately increasing the average revenue per account. Thus, besides updating the list of funny apps, individuals will have to update PayPal to get the features.
PayPal is taking precautionary steps in the release of the new super app. They plan to roll out new features every quarter to make the transition smooth. PayPal’s main aim with the super app is to help consumers save more and get a better user experience overall. According to Schulman, they have around 25 new components to be integrated into the current app to make it a super app, with technology like machine learning and artificial intelligence being used to enhance user opportunities.