PayPal was one of the first major online payment systems that completely changed the game and introduced a new way to perform transactions. The site has been running for 25 years now and has 400 million users around the world, making it one of the most successful ventures of its kind.
However, PayPal may need to evolve to continue competing in today’s technological landscape. People are interacting with digital platforms in new ways, and PayPal may need to become a super app that encompasses much more than just payment processing.
PayPal Established as One of the World’s Leading Payment Systems
PayPal is in a prime position to become something much bigger than it already is, as it has become one of the world’s most famous and trusted payment providers. Almost all major businesses online accept PayPal payments, with many customers favoring this option for the security it offers.
When using ecommerce sites, for example, some users prefer not to put their card details in directly. The same can be said for people who watch streaming services or play casino slots at online casinos. These sites provide people with a variety of payment options, with PayPal listed prominently. Users know that they can go through PayPal as an intermediary and avoid the risk of inputting their data on a website they’re not sure of.
Thanks to developing such a solid reputation, PayPal can now push on to become something more than just a payment platform. The company has been public about its plan to become a super app, and it should progress towards this over the next few years.
What is a Super App?
The internet is all about convenience and making things easier for people. Part of that is having everything in the same place, without users having to move about between different things. The fact that PayPal integrates with various sites seamlessly has contributed to its success, but becoming a super app would take things to the next level.
The concept of the super app comes from Asia, with WeChat one of the best examples of this in action. The Chinese offering comes with countless features in one, acting as a place for shopping, entertainment, banking, and even hailing a taxi. WeChat has over one billion active users, making it the world’s largest standalone app and an excellent model for PayPal to follow.
PayPal Planning Next Stage of Evolution
WeChat’s transition from a messenger app into a super app was what helped it become one of the most successful apps ever, and now PayPal could be set to try to replicate this. It has already expanded in numerous ways over the years, such as with the inclusion of cryptocurrency services and Buy Now, Pay Later options.
The next stage for PayPal may be to add more social features to improve its ecosystem, or bundle in an ecommerce shopping experience for people to buy stuff directly from the app. The main issue for the company is that many other tech giants will be doing the same thing, and PayPal will face stiff competition in the West.
