By
Bhushan Akolkar
April 23rd, 2024
The Super App will provide early and direct access to deposit funds while also enabling messaging features and some additional crypto functionalities.
PayPal customers can soon experience greater ease of crypto use across the company’s Super App wallet which is already ‘code complete’ as per CEO Dan Schulman.
The news came in at PayPal’s Q2 2021 investor update call wherein the CEO of one of the largest payments networks confirmed the wallet will be fully functional in the USA in the next few months. This has been one of the many initiatives taken by the payment firm to incorporate crypto into the customer’s day-to-day transactions.
Key Features of Super App by PayPal
Driven by intelligent technologies of AI and Machine Learning, this ‘full code’ app will prove unique and boast of superior capabilities.
The wallet will not just serve customers’ basic payment needs but will also help them earn greater savings through their transactions.
The Super App will provide early and direct access to deposit funds while also enabling messaging features and some additional crypto functionalities.
PayPal’s Growing Influence in the Crypto World
The company is on the path of steady progress and has been integrating its current personal merchant transaction system with cryptocurrencies. It was only recently that the company increased the weekly crypto purchase limit from $20000 to $100000 while also renewing the annual $50000 crypto purchase limit.
The company officially joined the crypto world in October 2020 when it offered customers the option to trade cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin and Ethereum. In some other attempts to bring crypto in its fold, its in-house payments firm Venmo introduced crypto in April and PayPal entered into a partnership with Coinbase, one of the largest crypto Exchanges.
At the moment, Paxos Trust Company acts as a custodian of all crypto transactions happening on the payment platform. It converts the customers’ crypto money into fiat at the end of crypto transactions and thus enables their smooth process. Such a quick adoption of crypto has already enabled PayPal to be at the forefront of a global digital payment revolution.
PayPal’s Activities
PayPal Holdings Inc (NASDAQ: PYPL) is an online payments system that is truly global in nature. It operates across 200 countries/regions and supports 25 currencies. It recorded an impressive 14.5 million new accounts in the second quarter of 2021 thus taking the total active user account to more than 400 million. The company’s total volume of payment stands at $311 billion for the last quarter.
Unlike other payment modes, PayPal doesn’t just offer payment services and solutions to personal consumers but also caters to businesses. In addition to retail purchases, it also works as a platform for both online and in-person transactions, business management solutions, as well as credit and financing options.