PayPal is expanding its foray into the cryptocurrency industry as the payments giant announced the launch of its “super app wallet” for its American customers. The company noted that it would launch the upgraded version in the upcoming months.
PayPal CEO Dan Schulman revealed in the PayPal Q2 2021 Earnings Call that the company plans to improve its digital assets services by providing its users with an upgraded version of its application. The super app wallet will provide “additional crypto capabilities,” easy access to direct deposit funds, and high yield savings.
The Chief Executive Officer asserted that the app is already “code complete.” PayPal noted that it will roll out the new crypto-based product over the coming months, adding that the launch applies only to American users for now.
Schulman added that each account would, which are all unique, will get “driven by advanced Al and machine learning capabilities.”
This development comes a few weeks after the payment solutions company increased its cap on cryptocurrency purchases. That said, registered users can purchase up to $100,000 worth of cryptocurrencies per week. The official memo noted that:
“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the US to $100,000 per week with no annual purchase limit.”
Cryptocurrency-Trading Helped PayPal Boost Revenue
Recent reports show that PayPal overshot its earnings expectations for Q1 2021, reporting over $6 billion in revenue. Interestingly, Schulman revealed that cryptocurrencies played a significant role in the upbeat earnings report. The CEO noted that:
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.”
The executive added that crypto-trading customers on the platform showed significant interest in digital assets, with about 50% of this group opening their PayPal accounts daily.
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