PayPal’s encrypted “super app” is coming soon

Payment provider company PayPal said that its users may no longer wait for stronger encryption features through the platform.

During PayPal’s second quarter 2021 investor update conference call today, CEO Dan Schulman Say The initial version of the company’s Super App Wallet is “code complete.” The president of PayPal stated that the company plans to fully promote this wallet in the United States in the next few months.

The super application wallet will have functions such as high-yield savings, early access to direct deposit funds, messaging functions, and “additional encryption functions”. Shulman said that each wallet will be “unique, driven by advanced artificial intelligence and machine learning capabilities.”

PayPal reported that as of June 30, it had more than 400 million active user accounts, and the total payment in the second quarter of 2021 was $311 billion. The company also added 14.5 million new active accounts, bringing its user base to 392 million. Venmo, a payment company under PayPal Launch of crypto trading In April, the total payment for the second quarter of 2021 was approximately 58 billion U.S. dollars, with 76 million active accounts.

“We are one of the few payment companies that allow consumers to use cryptocurrency as a source of funds,” said the CEO of PayPal. “We are also seeing widespread adoption and trading of cryptocurrencies on Venmo.”

related: PayPal users will be able to withdraw cryptocurrencies to external wallets

Earlier this month, PayPal announced that it would Increase restrictions on cryptocurrency purchases For some users located in the United States, it ranges from US$20,000 to US$100,000. The payment company initially stated that it would enter the encryption field in October 2020, and then allow eligible customers to use encryption for transactions and payments.