It’s all being done in the hopes of PayPal becoming the world’s next “super app," akin to China’s Alipay or WeChat, India’s Paytm or Singapore’s Grab. But, in the U.S., there is no shortage of banking giants and technology firms that have tried and failed to accomplish what PayPal wants to do. “It’s difficult to become a super app," PayPal Chief Executive Officer Dan Schulman said in an interview. The ride-hailing giant announced in 2019 that it would create a new unit focused on financial services. That contrasts with Grab Holdings Inc., which started as a Southeast Asian ride-hailing company and has since expanded into financial services, payments and food delivery.

Source: Mint May 10, 2021 12:56 UTC