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| PayPal outlines its digital portfolio plans for 2021 |
PayPal presented its future vision for the digital wallet system and the PayPal and Venmo apps this week.
The company said it plans to make fundamental changes to its mobile applications over the next year. A number of new features are included, including improved direct deposit, check cashing, budget tools, bill payments, crypto support, subscription management and all shopping tools on the Honey platform.
PayPal has talked about bringing the (Honey) feature to PayPal in the past, but CEO Dan Shulman mentioned that PayPal has made an acquisition of its transaction research platform for $ 4 billion. 'last year. Schedule updates for this and other apps.
The acquisition of (Honey) increased PayPal's active monthly users by 17 million. These users want to add browsers and mobile apps (Honey) to find the best deals on the products they want to buy, track prices, etc.
Shulman says the company's app will be updated to include Honey Buying Tools, such as: For example, the Wish List feature allows you to keep track of which items you want to buy and trackers. Prizes that can be used for transactions and offers in addition to coupons and rewards, you will receive reminders at a low price. These tools are part of the PayPal payment solution.
The company said: PayPal will provide merchants with anonymous order data based on consumer interaction with Honey Tools to drive sales.
The company has laid out a timeline for integrating honey and other updates to be rolled out over the next year.
"This month we will start rolling out Bill Pay, a major overhaul of the digital wallet experience. It is scheduled to roll out in the first half of 2021," the company said.
Many new jobs will be created in the second quarter and second half of the year, with the goal of introducing most of the changes before the end of next year.
This also includes the PayPal cryptocurrency plan announced in late October, through which the company initially plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin in the US.
The company plans to make encryption technology available to more users and regions so that it first comes to the United States and launches into the market and international application (Venmo) in the first half of next year.
The Venmo platform is expanding its business profile and will benefit from crypto capabilities, more basic financial tools, shopping tools and an enhanced Venmo payment experience.