As digital payments continue to be widely adopted, digital payment firms have begun restructuring their payment platform to appeal to a growing number of cryptocurrency users. Paying giant PayPal, which has recently implemented plans to integrate cryptocurrency into the payment platform while improving user features, also leads the industry.
In a conference call with investors, PayPal CEO Dan Schulman explained that the effort to increase functionality continues at a rapid pace, highlighting how Venmo app users can get notification controls directly from the app for the first time.
The implementation of this new feature shows that PayPal is listening to the needs of customers. In parallel with this, Schulman added that digital currency purchasing, selling and holding transactions will be available on the Venmo application before the end of the month.
As he stated in his comments:
Later this month, our Venmo credit card will be open to 100% of our base. In the coming months, we will be offering the opportunity to buy, hold and sell crypto through the Venmo app. Finally, our renewed Pay with Venmo experience will kick off in Q2 and offer a best-in-class payment experience.
Schulman has more clearly explained his plans to include advanced financial tools in the platform. Savings tools will be made accessible to platform users, with a wider range of investment assets including cryptocurrencies.
Excerpts from his description:
… To provide more functionality, including budget and savings tools, investment alternatives including but not limited to crypto, and advanced bill payment options.
It was also announced during the conference call that PayPal’s fourth quarter revenue exceeded $ 6 billion; This means a 3-fold increase compared to last year’s profit. 73 million new users moved to the platform last year. Schulman expects 50 million new accounts to arrive this year. The CEO is referring in part to the increase in adoption of the QR code payment feature, which recorded a 19% increase in payment volume.
According to Schulman, “the super app goes beyond payments, commerce and financial services, all on a common platform, all leveraging common data items and beyond that, machine learning to deliver the best advice.”
The new development is crucial for digital currencies to enter the mainstream fintech market. With other payment platforms such as Square, Mastercard, Bitcoin can easily continue to outpace several fiat currencies while maintaining its value over time.