PayPal provided investors with an update on the progress of its new consumer wallet “super app,” as well as a suggestion that smart contracts could be used for “interesting DeFi applications.”
PayPal may begin to integrate DeFi in the future.
The payments giant revealed details about its new consumer wallet “super app” in development during its Q2 earnings call on Wednesday. According to the company’s president and CEO Dan Schulman, the new wallet will contain high-yield savings, improved bill pay capability, and other crypto possibilities.
PayPal has announced various steps to help integrate cryptocurrencies into its platform in recent months. The company started allowing customers to pay using crypto money at over 29 million retailers in March. Recently, the corporation revealed that cryptocurrency withdrawals to off-site wallets will be possible. PayPal teases additional crypto capabilities in its forthcoming “super app,” but no details have been confirmed.
PayPal’s earnings call, however, revealed that the business is studying decentralized financing in relation to its products, in addition to outlining its new crypto-friendly wallet. Schulman responded when asked how the company plans to expand its engagement with the crypto ecosystem:
“We are clearly thinking about what the next generation of the financial system looks like… How can we use smart contracts more efficiently? How can we digitize assets and open those up to consumers that may not have had access to that before? There are some interesting DeFi applications as well.”
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