PayPal, one of the biggest payment services providers, is all set to launch their Super App wallet featuring some advanced and “additional crypto capabilities.”
PayPal CEO Dan Schulman said that the product has already been developed and will soon be launched to the US customers in the coming months. He said that the preliminary version of the new wallet app was “code complete.” Schulman was updating investors about the Q2 financial progress.
The new wallet app is expected to provide users with more advanced features and functionalities. PayPal is moving fast to not get left behind – other payment services providers are already launching their dedicated crypto-related products. In his update, PayPal CEO said that the super app wallets will be “unique, driven by advanced AI and machine learning capabilities.”
The payment service giant reported over 400 million active users as of June 30. Though the year-on-year net profit of the company for the second quarter has taken a hit, they are positive about the growth potential.
“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”
Venmo is a payments company launched by PayPal earlier in April this year. The platform already has over 76 million active user accounts and raked in $58 million in revenue for Q2. Venmo also supports crypto trading.