PayPal to launch super app wallet with cryptocurrency capabilities

Payments provider PayPal says its users may not have to wait much longer for greater cryptocurrency capabilities through the platform.

During PayPal's second quarter 2021 investor update call today, CEO Dan Schulman said the initial version of the company's super app wallet is "code complete." The PayPal president said the company plans to fully roll out the wallet in the United States in the coming months.

Schulman said the super app wallet will have features such as high-yield savings, early access to direct deposit funds, messaging capabilities, "additional cryptocurrency capabilities," and each wallet will be "unique and driven by advanced artificial intelligence and machine learning capabilities." PayPal reported more than 400 million active user accounts as of June 30, with total payment volume of $311 billion in the second quarter of 2021.

The company also added 14.5 million new active accounts, bringing its user base to 392 million. PayPal-owned Venmo, which launched cryptocurrency transactions in April, had about $58 billion in total payment volume in the second quarter of 2021 and 76 million active accounts.