PayPal has been, and remains, one of the world’s most influential payment platforms. Part of its ability to stay atop a crowded sector is its acceptance of next-gen technologies like those based on blockchain. The following are a few recent examples of more forward thinking, as PayPal looks to double-down on its integration of DeFi and Crypto at large.
Dating back to late 2020, PayPal made it know that big changes were incoming for its popular app. Fast forward to the present, and Dan Schulman, PayPal CEO, has just stated in the company’s Q2 earnings call that that development of these updates is now complete. It is now expected that new features will be rolled out in phases over the coming months.
What makes this incoming iteration of PayPal’s app differ from the past, is its comprehensive nature. Not only will it support mobile payments, but it will look to add features such as messaging, budgeting tools, and further integration with cryptocurrencies. The company is looking to provide its customers with an experience that no longer requires switching between applications.
“We’ve got rewards and shopping. We’ve got a whole giving hub around crowdsourcing, giving to charities. And then, obviously, buy now, pay later will be fully integrated into it. … The last time I counted, it was like 25 new capabilities that we’re going to put into the super app.” – Dan Schulman, CEO of PayPal
In addition to the various upgrades inbound for the PayPal app, hopes were raised last week when it was stated at a crypto-conference in Paris that the company is looking to dive in to DeFi. More specifically, it is was believed at the time that PayPal was actively working with Uniswap. As the worlds largest decentralized exchange, Uniswap has the potential to bring innovate and ground-breaking functionality to PayPal’s services.
Unfortunately, representatives from Uniswap have since spoken out, stating that no partnerships have formally been established with PayPal, or like-minded companies. While nothing may be official yet, it is clear that Uniswap is vying for such a move to occur, allowing its integration and acceptance within mainstream finance. With recent comments by Dan Schulman indicating an interest in DeFi, a potential partnership is not a far-fetched idea.
“How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well. And so we are working really hard.” – Dan Schulman, CEO of PayPal
While the news on Uniswap may have been premature, PayPal’s expansion of crypto based services in to the United Kingdom is not. In its most recent earnings call, Dan Schulman stated,
“Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto…We’re going to launch, hopefully, maybe even next month in the U.K., open up trading there.”
With $6.24 billion in earnings recorded through Q2, and an active user base growing to over 400 million, it is clear that PayPal’s foray in to crypto has been well received. With this being the case, it only makes sense that the company is looking to expand further in to the UK.