When PayPal announced it was launching a ‘super app’, we all sat up and listened. Sure, mobile applications are ten-a-penny, but how many super apps are on the market? Not that many, by all accounts.
In September, PayPal released a version of its application that gave users more flexibility when managing their money. The goal was to create a platform that combined different app features, taking the customer experience to the next level. Unsurprisingly, you’re wondering whether the company hit its brief. Well, we have some good news.
PayPal is the biggest e-wallet on the market, but it has stiff competition if the estimates on digital wallets are to be believed. By 2025, there could be as many as 4.4 billion platforms available to customers, an increase of around 2 billion. Despite the company’s foundations, there’s no doubt it had to move quickly to cover the expanding market.
Developing an all-in-one app is the business’s vision, and it appears to be very well done at first glance. For example, the intelligent software lets customers do things they couldn’t do before, such as managing payments instruments and direct deposits, high yield savings, and crypto capabilities, and sending and receiving money. PayPal has also concentrated on small elements that will enhance the user experience, something that’s reflected by a two-way messaging feature that allows people to acknowledge payments that have been sent and accepted. Plus, there are further tweaks to its dashboard, meaning the app is personalized to individual users.
In terms of the elements that PayPal already had and has built on, it’s hard to argue that the application isn’t a superior version to its predecessor.
However, it’s the latest additions to the app that make it super. PayPal couldn’t release a remastered version of the application customers already had, which is why the introduction of new features was essential. With the money transfer component, users will be impressed by the level of detail that goes into the release. For example, PayPal Savings is high-yield savings account that consumers can use to earn value that can be claimed in several ways, including cash back and shopping credit.
Overall, what is the one thing that everyone wants from a payment provider? The answer is to receive your money earlier. The sooner it’s in your account, the quicker you can manage it. Direct Deposit 2-Day Early Access is a system where eligible customers’ resources are made available up to two days sooner when payment instructions from the payor are forwarded to PayPal.
These features are arguably unique to PayPal because it’s hard to think of other operators, particularly e-wallets, that provide this level of flexibility.
Nobody expects the latest app releases to be perfect. When you’re dealing with technology, there will always be glitches, or, at the least, elements that aren’t as effective as other platforms. For PayPal, the main drawback is the lack of in-store payment options, especially compared to Apple Pay and Google Pay. These operators rule the point-of-sale industry, and it appears as if PayPal hasn’t attempted to compete because as you can only request payments from businesses in limited cases.
While lots of people will understand not wanting to waste resources taking on Apple and Google, others may find it surprising when you factor in the plethora of online payment transactions that PayPal sanctions. Digital streaming services are perfect examples since Netflix and Amazon Prime both accept PayPal payments, with the former working in partnership to encourage PayPal to cut ties with unblocking services. Gaming is another avenue where PayPal is a huge player because video game giants such as PlayStation let you link your PP account to the PlayStation Store to pay or to top-up your wallet. The video game industry is joined by the online casino sector, which has heavily invested in PayPal’s software to enhance the customer experience, with the best PayPal casino sites letting users claim bonuses and promos, deposit and withdraw money and cryptocurrencies, and avoid payment charges. Even physical movie theaters are on the bandwagon, with the Cineplex Store supporting PayPal transactions, but not pre-paid credit cards.
However, it’s worth remembering that PayPal is built on being the number one payment option on websites and apps. Therefore, users may not be overly concerned about the lack of in-store options, particularly when the app is compatible with Android and Apple devices.
Time will tell whether the ‘super app’ is synonymous with its name. Currently, the reviews are positive as it’s the first effective all-in-one e-wallet application.