PayPal to allow clients to withdraw crypto and be a super app

PayPal to allow clients to withdraw crypto and be a super app

BUSINESS | May 27, 2021 | WOZINGA NEWS

PayPal to allow clients to withdraw crypto and be a super app

  • Crypto withdrawal functionality is soon available in PayPal.
  • CEO Dan Schulman has a goal for PayPal, to be super app.

By Marielle Petere Wozinga Journalist

PayPal to allow clients to withdraw crypto and be a super app

PayPal (NASDAQ: PYPL) targets to allow users to withdraw digital currencies to third-party wallets, PayPal’s VP of Global Business Development confirmed.

In the recent conference at CoinDesk’s Consensus 2021, on May 26, executive Jose Fernandez da Ponte said that the global online payment firm wants to let users take cryptocurrency holdings off-platforms.

Crypto withdrawal functionality

“We want to make it as open as possible.” da Ponte stated. “…we want to give choices to our consumers. Something that will let them pay in any way they want to pay.”

Also, da Ponte mentioned the intention of the firm to use digital currencies in commerce based on the users’ choices. He said, “…we want them (users) to be able to take the crypto they acquired with us and take it to the destination of their choice.”

At this present time, PayPal has allowed millions of users to buy cryptocurrencies. It started in October 2020.

For every two months, the global payment firm has new platform developments. However, de Ponte mentioned that the launch of withdrawal functionality is still unidentified.

Since October 2020, PayPal has enabled crypto trading. CNBC reported that the users in the US could even invest $1 BTC (Bitcoin) using the existing account. It has allowed users to pay for goods and services with selected cryptocurrencies since March 2021.

PayPal aims to be a super app

Forbes mentioned on May 26 that CEO Dan Schulman has a goal for PayPal. It is to become more than online payment where users could have a one-stop-shop like WeChat and AliPay.

Meanwhile, the global media company quoted the article of BloombergQuint. It cited Schulman’s idea with WeChat CEO Martin Lau while having dinner three years ago.

As for WeChat, it is the largest standalone mobile app in China. Besides, Tencent developed this multipurpose social media, messaging, and payment app.

Presently, the article emphasized that super apps do not yet exist in the US. It is not just selling various products and services.

In addition, the super app is the ecosystem of lightweight applications that run inside a single app. All the integrated apps in the said app do not need to be upgraded nor download in any app stores.

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