Payment giant Paypal outlined its plans to expand its cryptocurrency services, including through a new wallet “super app”, open banking integration, UK expansion, and third-party wallet transfers. Paypal’s CEO said: “We are very satisfied with the momentum we have seen in the crypto space, and we are clearly adding incremental features to it.”
Paypal announces details of encryption plan and “super application”
Paypal CEO Dan Schulman talked about his company’s encryption plan and the progress of the upcoming “super app” during the payment giant’s second quarter earnings conference call on Wednesday.
“I am happy to report that the initial version of our new consumer wallet super application has completed the code, and we are now starting to slowly increase it,” Shulman began to elaborate:
New features will include high-yield savings, early access to direct deposit funds, new and improved bill payment functions, messaging functions beyond P2P to enable communication between family and friends, as well as additional encryption features and customized transactions and offers.
“Each wallet will be uniquely driven by our advanced artificial intelligence and machine learning capabilities to enhance each customer’s experience and opportunities,” he added.
“In the next few months, we plan to fully promote a series of products and services such as payments, basic consumer financial services, and business and shopping tools in the United States, which will be launched every quarter,” the CEO continued.
In the Q&A section of the phone, Ramsey El-Assal, an analyst at Barclays Investment Bank, asked about the CEO’s latest views on encryption and blockchain, and how Paypal plans to participate in the ecosystem from the perspective of consumer products.
Shulman replied: “We are still very satisfied with the momentum we are seeing in the crypto space, and we are obviously adding incremental features to it.” The executive also mentioned that Paypal has recently added Weekly cryptocurrency purchase limit To 100,000 US dollars, and completely cancel the annual limit.
In addition, the CEO noted:
We are in the middle of some open banking integration, which will improve the ability to fully integrate into ACH and make faster payments. We will hopefully launch it, maybe even next month in the UK, where trading will be opened. We are now working on moving to a third-party wallet, and we really want to make sure that we create a very seamless process for taxes and tax reporting.
“So, we are really studying how to integrate it into trading and purchasing cryptocurrencies on our platform,” the CEO elaborated, adding, “We also see widespread adoption and trading of cryptocurrencies on Venmo. “
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