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PayPal to Introduce New Capabilities into its Existing Apps

A look into the new offerings PayPal plans to add into its existing apps.

Friday, December 4th, 2020

Recently top PayPal officials announced what Dan Schulman, the firm’s CEO, described as “a crucial upgrade of the firm’s PayPal and Venmo apps.”

The overhaul will include the addition of PayPal’s newfangled crypto solution, a billing feature, and the newly rolled out Pay in 4 installment-lending offering.

The Bill Payment Solution will be the first to Launch

According to Schulman, the schedule for these additions begins with the bill payment solution this month and will proceed to “everything in place” by the close of 2021.

This comprehensive upgrade comes when PayPal is registering more signups, and its freshly rolled-out Venmo-type credit card is helping the person-to-person payment solution move towards exponential growth.

 “We are optimistic Venmo will be a major contributor in 2021,” Schulman explained, with revenue to the tune of 900 million USD. “Venmo is clearly picking up.”

QR Tech for Contactless Payments

PayPal is also determined to onboard more merchants to its QR code technology expected to enable contactless payments at the point-of-sale. “So far, we’ve registered ten big merchants, including Nike, CVS, and Bed Bath &Beyond, and will likely onboard over 500,000 small merchants by year’s end. Schulman said.

Upgrading to Digital Currencies

The next significant overhaul predicted to earn the world-known payment provider more dominance at the point of sale is its new crypto feature. The addition will enable PayPal users, and in the long run, Venmo wallet owners to purchase, carry and, sell crypto—or even spend it in-store, on goods and services, after converting to fiat money. Users will deal in different digital currencies, including Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.

The digital currency option will kick off in the USA and will likely be accessible at all 28 million PayPal and Venmo merchants next year. For this service, PayPal announced that it would not charge any fee beyond its standard rates.

Pay in 4 Installment-lending

Last in PayPal’s overhaul strategy is its new Pay in 4 service that went live at the close of August. The Pay in 4 installment-lending option marks PayPal’’s invasion of the quickly expanding no-interest credit at the point of purchase. “With demand way over the roof, it will be one of our primary growth drivers,” said Schulman.

Final Words

PayPal’s complete overhaul seems to be preparing the world-known company for a new era of payments and money transfer. 

Merchants and individual PayPal users must monitor the rollout of these services to gear up for the future of payments.