The worldwide payment giant PayPal published its second quarter financial report yesterday (28) . Dan Schulman, CEO of the company, said the company’s super apps wallet is “code complete” and will be fully launched in the U.S. “in a few months.”
It will include features such as high-yield savings, early access to direct deposit funds, messaging functions, and additional cryptocurrency functions. Wallets will be unique, driven by advanced artificial intelligence (AI) and machine learning capabilities.
PayPal reported a 40% increase in its total payment volume (TPV) in these three months, according to its 2021 Q2 financial report. The net increase in new active users (NNA) was 11.4 million, an increase of 16%, and the total number of active users reached 403 million as of the quarter.
At the same time, it is announced that NNA will have an estimated growth of about 52 million to 55 million people this year.
The future payment battle will be dominated by 6~10 super apps
Further, the company’s Venmo mobile payment service became the first to offer cryptocurrency transactions in April, with more than 77 million users. A total of 58 billion dollars was paid in the second quarter of this year, up 58% from the first. Chief Executive Shulman said:
“We are one of the few payment companies that allow consumers to use cryptocurrency as a source of funds. We also see that Venmo’s cryptocurrency applications and transactions are very enthusiastic.”
PayPal just revealed on the 15th of this month that it will increase the weekly cryptocurrency purchase limit from $20,000 to $100,000, and cancel the $50,000 annual limit. In October last year, the company launched its cryptocurrency trading and holding services, and its subsidiary Venmo followed in April this year.
Schulman raised the topic of super apps in late April this year, arguing that cash transactions will be greatly reduced in 10 years, replaced by mobile payments?
In his view, the next payment battle will be won by 6-10 “superapps”, which will replace or integrate many existing applications.
