Jason Kupferberg, a respected Bank of America research analyst, has given a thumbs up to PayPal’s efforts to become something akin to a super bank accessed through a super app — Venmo. This article suggests that the super app may incorporate payments, credit cards, crypto trading, high-yield savings accounts, budgeting tools and stock-trading:
“In the past year, PayPal has evolved beyond its early peer-to-peer payments capabilities, rolling out new features including a Venmo credit card and cryptocurrency trading. The company has also eyed introducing high-yield savings accounts and budgeting tools. And on Monday, CNBC reported that PayPal is looking to roll out a stock-trading app.
“Venmo has significantly evolved from once being a predominantly P2P platform to where it is today as a digital wallet with multiple monetization levers, as the platform continues to morph into a ‘super app,'” Jason Kupferberg, Bank of America research analyst, wrote in a note on Monday, adding that the new features will help boost growth for the lucrative wallet app.
A PayPal spokesperson confirmed the latest report to Yahoo Finance, noting CEO Dan Schulman discussed intentions to launch a stock-investing platform at the company’s investor day in February. As part of PayPal’s plan to become a stock trading app that will allow users to buy, sell and hold individual stocks, the company brought on former Ally Invest president Rich Hagen, CNBC first reported.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
