Skip to main content

Paypal Unveils Plans to Expand Cryptocurrency Services With ‘Super App’ and Open Banking Integration

Paypal Unveils Plans to Expand Cryptocurrency Services With 'Super App' and Open Banking Integration

Payments giant Paypal has outlined its plans to expand cryptocurrency services, including via a new wallet “super app,” open banking integration, U.K. expansion, and third-party wallet transfers. “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that,” said Paypal’s CEO.

Paypal Reveals Crypto Plans, Details of ‘Super App’

Paypal CEO Dan Schulman talked about his company’s crypto plans and the progress of the upcoming “super app” during the payments giant’s second-quarter earnings conference call Wednesday.

“I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman began, elaborating:

New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.

“Each wallet will be uniquely driven by our advanced AI and machine learning capabilities in order to enhance each customer’s experiences and opportunities,” he added.

“In the next several months, we plan to be fully ramped in the U.S. with a host of products and services across payments, basic consumer financial services and commerce and shopping tools launching every quarter,” the CEO continued.

During the Q&A part of the call, Ramsey El-Assal, an analyst with Barclays Investment Bank, asked about the CEO’s updated view on crypto and blockchain and how Paypal planned to engage with the ecosystem from a consumer product perspective.

Schulman replied: “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.” The executive also mentioned that Paypal recently increased the weekly crypto purchase limit to $100,000 and removed the annual limit altogether.

Furthermore, the CEO noted:

We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments. We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third party wallets and we really want to make sure that we create a very seamless process for taxes and tax reporting.

“And so, we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform,” the CEO detailed, adding, “We’re also seeing strong adoption and trading of crypto on Venmo.”

What do you think about Paypal’s crypto plans? Let us know in the comments section below.



from Bitcoin News https://ift.tt/2V4vmfu
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more