The news: The payments giant launched a redesigned PayPal App with a slew of new features that it will roll out incrementally in the US over the coming weeks, per a press release. The super app will be powered by AI and machine learning to offer customized user experiences.
What’s new? The overhaul coincides with the launch of new services to make the app an all-in-one financial and shopping solution.
What’s next? PayPal plans to add new features to the app in the coming quarters, including previously rumored investment capabilities. It also plans to enable offline QR code payments and improve other in-store payment capabilities.
What this means: PayPal announced its super app plans in its Q1 earnings call—CEO Dan Schulman said the company wanted to provide customers with a “customized and unique shopping, financial services, and payments experience.”
And this all-in-one solution could yield substantial cross-promotion opportunities:
The new features also help sharpen PayPal’s competitive edge against Square, which has been inching into its territory with its BNPL push and Cash App Pay rollout. As the rivalry heats up, PayPal’s app revamp can help it maintain growth and drive payments volume: In Q2, PayPal’s total payment volume (TPV) shot up 36% year over year (YoY), hitting $311 billion—up from the same period last year, when the metric grew 30% YoY.
Related content: Eager to read more about PayPal’s super app launch? Check out what our Banking analysts have to say.
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