PayPal is taking China as its model – and users benefit

PayPal wants to massively expand its own offer. The best-known payment service provider in the west of the world takes an example from the real market leaders from China. PayPal wants to become an all-round provider.

Based on the Chinese model: PayPal expands its range immensely

For a long time, PayPal’s plans for the super app have been more or less publicly known. Now CEO Dan Schulman has announced that the time has finally come: What PayPal calls its super app is ready. It will initially be rolled out in the USA and piece by piece in the coming months can be expanded to include additional functions (Source: Techcrunch) – based on the now larger models from China: WeChat and Alipay.

Part of the innovations will be a Messenger integrated in PayPal. Families and friends, but also the parties involved in transactions, should be able to exchange information without going through other messengers.

First and foremost, though other financial instruments part of PayPal. For example, the “Pay later” function is to be expanded in Germany over the next few weeks and months (source: PayPal) – just one of the features that are also planned in the USA. Paying with crypto currencies is also to be improved. The savings app Honey, which was taken over by PayPal, has only just arrived in Germany, but could be integrated in the long term.

There are also new functions such as direct bank transfers, which are used in the USA for wage payments, among other things. In addition, you should also use PayPal in the future Redeem checks as well as being able to arrange payments on account. Recurring payments such as subscriptions are becoming easier to manage, they say. The well-known MoneyPools function, however, is being phased out.

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PayPal wants to become a full-service provider

With the planned extensions, PayPal is going far in the direction of a full-service provider. You don’t just want to offer online payments anymore, you want to all services related to finance on the Internet and online shopping. The immensely successful Chinese apps WeChat and Alipay also function according to this business model, although they are often viewed critically because of their great market power.

With the new features there will also be a new interface and design go hand in hand, so Schulman continues. The gradual release should also make it possible to continue working on the new PayPal app. When and to what extent the innovations will also be rolled out for the international market and thus for all PayPal users is not yet known. If they are as well received as PayPal imagines, it should only be a matter of time. Then German users could also benefit from the additional features.