Earlier this week, PayPal released its Q3 earnings and revealed some of its plans to overhaul its mobile apps. The overhaul is scheduled for 2021. It will include a set of new features such as check cashing, bill pay, subscription management, improved direct deposit, budgeting tools, purchase now/pay later feature, and many of the popular Honey tools.
Dan Schulman, the CEO of PayPal, detailed how that will happen and what it will bring to the company.
Schulman revealed at the earnings conference that PayPal would enable buying, selling, and holding cryptocurrency. This solution won’t need any integration but will come as part of some of the upcoming upgrades. Initially, PayPal will support Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. However, this new feature will roll out for users within the US, then gradually in other regions.
The Pay in 4 payment installment feature is bound for expansion as well. This feature was first introduced in France earlier this year and later in the US and the UK. The plan is to fully integrate it into PayPal’s application in the coming period and make it available to the other regions of the world where PayPal is available.
A big part of the overhaul will include integrating Honey’s shopping tools, such as its Wish List
With the help of the Wish List, PayPal users will be able to track items that they plan to buy, monitor their price, and get alerts when their price drops. Additionally, users will be able to track deals, rewards, and coupons. Once this integration is complete, these tools will be part of PayPal’s checkout.
Merchants will also benefit from the new changes as they will have access to a stream of “anonymous demand data.” Thanks to this, merchants will have insights into consumer behavior. The data will come from the Honey tool.
Venmo will also get a revamp and receive improved financial tools, better shopping tools, crypto capabilities, and an enhanced checkout experience. Schulman expects Venmo’s revenues to reach $900 million in 2021.