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PayPal is building a super app to offer customised services

PayPal Holdings Inc. is working on building a super app, encompassing payments, finance, crypto-currencies and shopping services all in one "personalised" app. Paypal reported a net profit of $1.6 billion in the first quarter of the current calendar year, up by 28% year-on-year, it said in its financial results. "Over the coming year, we will accelerate our customers' digital engagement through the rapid innovation of our digital wallet and merchant commerce platform," said Dan Schulman, President and Chief Executive Officer, PayPal Holdings Inc during an earnings call. "It will be an all-in-one personalized app that will empower our users to make the most of their money and strengthen their financial lives every day. We will provide increasingly customized and unique shopping, financial services, and payments experiences for our customers," he told analysts. Shulman explained that consumers are increasingly purchasing products and services from brands they trust, which is why they are pursuing a super app model. He said that PayPal consumers spend an average of 12% more at PayPal merchants and buy 11% more often when PayPal is accepted. On Crypto-Currencies and CBDCs PayPal has been an early mover towards the mainstream acceptance of crypto-currencie among established financial companies. “We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” said Schulman. "There's a lot of interesting things as you think about next-generation technology that can add utility to payments, that can take down perhaps cost, the elimination of unnecessary intermediaries and certainly can speed…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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