The Hustle

PayPal wants to build a super app. It has crazy competition.

PayPal wants to be your one-stop financial app but faces competition from Big Tech, ecommerce giants, and banks.

While the rocket emojis came out for Bitcoin breaking $50k, there was another recent money milestone that met with little fanfare: the market cap of PayPal passed Mastercard.

Now valued at $340B+, PayPal has seen its market value quadruple since March 2020 lows.

Its surge has been driven by a user base that grew ~25% in 2020, to 377m (along with 30m merchants), powered by the pandemic forcing commerce online and the unveiling of crypto-trading services. 

Now, PayPal wants to create a super app

The company’s CEO, Dan Schulman, laid out his plan during an investor day presentation.

As reported by Protocol, Schulman notes that most consumers only
“want 8 to 10 apps.” With meme-making tools making up half of them, there’s an appetite for one app covering all your financial needs. 

PayPal plans to focus on payments, shopping, and financial services (checking, savings, investment, crypto, rewards) with these benefits: 

There’s serious competition, though 

In a follow-up piece, Protocol gives a rundown of the fintech super app playing field:

While PayPal passing poor Mastercard is definitely a milestone, we can’t pull out the rocket emojis for its super app just yet.

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