Paypal revamps its app as it throws its hat in the ring for becoming a superapp
Paypal, one of the largest payments platforms in the world, has completely revamped its app to include a lot of new features centered around shopping, banking, and other financial services with payments being offered only as a small part of its varied offering.
The plan is to move beyond its payment services and develop the app into something of a financial super app where the users would be able to perform a variety of activities related to financial services in the long term. The others competing to do the same are companies like Revolut, Robinhood, and Square. The latest addition to the features in Paypal includes high yield savings account in partnership with Synchrony Bank. Along with this, the users of the platform would also be able to do bill payments, earn rewards, manage gift cards, send and receive money, make payments for purchases along with 2 other features that are the craze right now which are BNPL and crypto trading.
Dan Schulman, CEO, PayPal, says: “Our new app offers customers a simplified, secure, and personalized experience that builds on our platform of trust and security and removes the complexity of having to manage multiple financial or shopping apps, remember different passwords and track loyalty rewards.”
The app also has a range of shopping tools including exclusive deals and rewards features and users would be able to make purchases from right within the app itself. The users would also be able to save new deals to their wallets for future use. All these features have been added in a move that is expected to attract users to do more shopping from within the app as the pandemic has brought in a sea change in the attitude of users who are now more willing to buy and pay online as well.
The app also has a long-pending messaging feature where users can chat with each other regarding the payments sent and received and also discuss transaction details as well. This communication would greatly help in quickening any issues that are involved with payments and is likely to be welcomed by the users. The competition to become the world’s largest financial superapp has well and truly begun with Paypal competing with the likes of Revolut, Robinhood, and Square for the same.