PayPal Has Big Plans To Become The Next ‘Super-App’
PayPal wants to be everything to everyone. It’s a lofty goal, one that the company’s CEO admits “a lot of companies are thinking about as well.”
But in an interview with Bloomberg, PayPal’s Chief Executive Officer Dan Schulman says the company has a good shot at being to America what WeChat is to China
“It’s difficult to become a super app,” he explains. “I think we have a chance if we execute extremely well against this. But it’s obviously a place that a lot of companies are thinking about as well.
“There’s too many apps on all of our phones. I can’t have an app for my pharmacy, my grocery, for all the different retailers I have. I can’t have 40 to 50 different apps on my phone. I can’t remember the passwords, I don’t want to enter in all my info every time.
“There’s really only eight to 10 apps that we use every single day or every single week. Those apps are going to morph into what we call super apps.”
PayPal has plans to debut its new service, which Bloomberg say could include high-yield savings accounts, check-cashing services and stock-investing capabilities, in the third quarter of 2021.