Tech

PayPal’s New ‘Super App’ with Advanced Features is Ready to Launch

PayPal’s latest consumer digital wallet app is “code complete” and now ready for launch as a “super app.” As per PayPal CEO Dan Schuman, the super app aims to be similar to China’s WeChat or Alipay of Paytm, where it can host multiple consumer services like messaging, online shopping, bill payments, and much more.

The team of PayPal aims to add new features into the app like advance direct deposit, passbook for checking cash balance, budgeting tools, a tool for bill payments, crypto support, subscription management and Buy now Pay later, and much more. PayPal is also planning to integrate e-commerce features into your super app.

PayPal is running as Honey, a single application, website, and browser extension. However, after the launch of the super app, users would be able to enjoy deal-finding functions, price-tracking features, and other advantages.

Schuman is expecting more user engagement and ramping in revenue per user account with the launch of the super app. He further said, “We think that’s going to drive a lot of engagement on the platform.” He also declared some new features like high yield savings, early access to direct deposit funds, and messaging interface.

Staying in league with advancements in blockchain technology, PayPal also hinted at “additional crypto capabilities” so to allow consumers to buy products at millions of online stores using cryptocurrencies.

Though PayPal has announced that the app code is complete, Schuman has advocated for the promising future of super app and planned for releasing new functions quarterly. He said that PayPal would continue to iterate product experience, and the initial version of the super app would be the starting of many more upgraded versions of the app.

To introduce new features to the super app, PayPal will refurbish its user interface to include high yield saving tools, a better user experience with improved bill payment tools, and more billers and aggregators. Also, new features will help in early access to direct deposit and bi-directional messaging features.

Schulman noted, “We’ve got rewards and shopping. We’ve got a whole giving hub around crowdsourcing, giving to charities. And then, obviously, buy now, pay later will be fully integrated into it. … The last time I counted, it was like 25 new capabilities that we’re going to put into the super app.”

PayPal is one of the earliest known online payment wallets known for offering personalized user experience and utilizing the latest technologies. In the future, PayPal is planning to add advanced features using both artificial intelligence and machine learning capabilities for a smooth and seamless customer experience.

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