Q2 financial report turns red! PayPal CEO reveals: "Super Wallet" is about to be launched, will be rolled out across the U.S. within a few months.

The international payment giant PayPal held its second-quarter investor conference call, reporting a 40% increase in transaction volume and a 17% growth in revenue compared to last year. The CEO also revealed that the development of the "super wallet" code has been completed and plans to launch it in the entire United States in the coming months.

Second Quarter Revenue Surges

According to the PayPal Q2 financial report, the total payment transaction volume in the second quarter reached $311 billion, a 36% increase from the same period last year; revenue grew 17% from $52.6 billion in the same period last year to $62.3 billion.

However, as of June 30, PayPal's total active users exceeded 400 million, with 11.4 million new active users in the second quarter, much lower than the 21.3 million in the same quarter last year, which was during the peak of the COVID-19 outbreak.

In addition, its subsidiary electronic payment app company Venmo also supported cryptocurrency transactions in April this year and contributed around $58 billion in the second quarter with 76 million active users.

Launch of "Super Wallet" Imminent

During the investor conference call in the second quarter, CEO Dan Schulman revealed the "Super App Wallet" that PayPal is actively developing. The code has been fully developed, and users will not have to wait long as PayPal plans to launch it nationwide in the United States in the coming months. He stated:

The Super Wallet will feature high-yield savings, direct deposit capabilities, communication, and additional encryption features.

During the release of the first-quarter financial report, Dan Schulman had previously revealed plans to launch the Super Wallet in the third quarter, and based on the development progress, there should be no delays. He emphasized:

No one wants to install 40 or 50 apps on their phone; we only use 8 to 10 apps a week. Everyone needs a super wallet to integrate all financial applications, and PayPal can play that role.

According to his remarks, Dan Schulman drew inspiration from mainstream apps such as Alipay and WeChat Pay in China, and India's leading payment app Paytm, pointing out that PayPal will not only focus on online payments but aim to become a one-stop platform for all financial transactions.