PayPal CEO Dan Schulman has indicated that PayPal will become a “super app”.
In Brief:
- A super app model would bring together payments, shopping, investing and saving as well as money management and cryptocurrencies.
- Schulman told MarketWatch that he hopes PayPal will provide such a service to help people track all their money in one place.
- PayPal has added a number of new features recently such as Pay in Three, its answer to BNLP platforms like Klarna and Afterpay.
What does this mean?
As was the case with its new credit facilities, PayPal announcing it will expand its services means competition from a payments behemoth for the challenger banks and FinTech platforms out there. However, a super app creates an ecosystem of various services and so could involve the integration of other business’ services through partnerships.
