Jul 31, 2021 | Shaoni Ghosh
PayPal Holdings, Inc. is an American company that employs an online payment system. It supports money transfer via online mode and it also serves as an alternative to all such traditional methods which were used before like checks and money orders. It charges a fee, since it provides us with online vendors, auction sites and many other sites based on the same.
PayPal has decided to undergo transformation and change it into a “super app”. And this is about to launch. The company has always talked about the concept of this “super app” which shall shift the focus with respect to product direction.
his process would make PayPal a U.S. based version to transform into WeChat, a Chinese app used for multiple purposes like messaging, social media and online payments; or Paytm, an Indian multinational technology company that is limited to e-commerce, digital payment system and finance. Just like these apps, PayPal aspires to not just limit itself within the boundaries of online payment but at the same time, introduce its “super app”.
(Must Check: The Success Story of PayPal)
According to TechCrunch, PayPal said that the features may include “enhanced direct deposit, check cashing, budgeting tools, bill pay, crypto support, subscription management, and buy now, pay later functionality.”
PayPal also said that it would integrate commerce, since Honey’s technology was already introduced in the year 2019 that expands its reach to PayPal’s 300 million users. Dan Schulman, Paypal's President also stated that the super app might have other features such as high-yield savings and an easy and early access to deposit funds. The messaging feature would also be helpful because the users could chat with friends and family members through this platform. Transformation into a super app could actually implement a lot of features.