PayPal details its digital wallet plans for 2021, including crypto, Honey integration and more – TechCrunch

PayPal this week presented its vision for the future of its digital wallet platform and its PayPal and Venmo apps. During his third quarter results call on Monday, the company said it plans to roll out substantial changes to its mobile apps over the next year to incorporate a range of new features, including improved direct deposit, check cashing, budgeting, bill payment, crypto support, subscription management, buy now/pay later, and all of Honey’s shopping tools.

While PayPal has in the past talked about integrating Honey’s capabilities with PayPal, CEO Dan Schulman detailed the integrations PayPal has in store for the transaction search platform. he bought last year for $4 billionalong with a timeline for this update and any other app updates it has in store.

The acquisition of Honey had brought 17 million monthly active users to PayPal. These users have turned to Honey’s browser extension and mobile app to find the best savings on items they want to buy, track prices and more.

But today, the Honey experience still remains separate from PayPal itself. This is something the company wants to change next year.

According to Schulman, the company’s apps will be updated to include Honey’s shopping tools, like its wishlist feature that lets you track the items you want to buy, price monitoring tools that let you warn of savings and price drops, as well as its offers, coupons and rewards. These tools will be part of PayPal’s payment solution itself.

This means that the company will be able to follow the customer from the initial phase of finding offers where they indicate their interest in a certain product, target them with savings and offers, and then guide them through their payment experience in one place.

PayPal will also provide “anonymous demand data” to merchants based on consumers’ engagement with Honey’s tools to help drive sales, the company said.

Additionally, PayPal has set a timeline for Honey integrations and other updates it plans to roll out over the next year.

Bill Pay will start rolling out this month, PayPal said, with a big overhaul to the digital wallet experience expected in the first half of 2021. Many of the new features will arrive in the second quarter and second half of the year, with the goal of having the majority of the changes rolled out by the end of next year.

This also includes PayPal’s plans for cryptocurrencies, announced at the end of October. The company aims to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin initially, first in the United States

Speaking to investors on the earnings call, Schulman also noted when PayPal plans to bring crypto to more users and geographies. He said the ability to buy, sell and hold cryptocurrencies will come to the US first, then roll out to international marketplaces and the Venmo app in the first half of next year. . (Currently, PayPal is offering US users a waitlist for new in-app crypto features).

Picture credits: PayPal

This change will allow PayPal users to make purchases using cryptocurrencies from the company’s 28 million merchants without requiring additional merchant integrations. The company explained that this is due to the way it will handle the settlement process, where users will be able to instantly transfer crypto to fiat currency at a fixed rate when paying with PayPal merchants.

“This solution will not involve any additional integration, volatility risk, or additional transaction costs for consumers or merchants, and will fundamentally enhance the utility of cryptocurrencies,” Schulman said. “This is just the beginning of the opportunities we see as we work hand in hand with regulators to accept new forms of digital currencies,” he added.

paypal too recently joined the “buy now, pay later” race with its new “Pay in 4” installment program that allows consumers to split their purchases into four payments. This debuted in France ahead of its US launch in late August and has since rolled out in the UK (as Pay in 3). This too will become more integrated into enterprise applications in the coming months.

Venmo — which the company expects to hit $900 million in revenue next year — will see the expansion of business profiles and gain more basic crypto capabilities, financial tools, and shopping tools, as well. that a revamp of the “Pay with Venmo” checkout will live.

Schulman called the company’s plans to revamp its Venmo and PayPal apps a “fundamental transformation,” due to the amount of new features they will include as the changes roll out over the year. coming soon, as well as the new user experience – basically, a redesign – that will allow people to easily switch between experiences instead of having to switch apps or use a desktop browser, e.g. example.

PayPal Earnings did not excite Wall Street investors this weekdragging the stock down due to its lack of predictions for 2021. But the year ahead for PayPal’s digital wallet apps is shaping up to be an interesting one.

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