PayPal plans to launch multiple new features in an effort to dominate the payment and settlement field, surpassing Stripe and Apple Pay.

Zhitong App has learned that according to media reports, multiple research and development teams under the digital payment giant Paypal (PYPL.US) are urgently working to add a large number of new features to make their digital wallet products and online settlement models more attractive to shoppers and merchants. According to The Information, two Paypal employees revealed that the company's new CEO, Alex Chriss, is increasing efforts to launch new features in order to protect Paypal's payment and settlement businesses from competition pressure from rivals such as Stripe and Apple Pay. The Information reported that this is a key project codenamed "Quantum Leap". The report cited an internal document stating that the plan aims to achieve meaningful positive internal progress by January next year and launch revolutionary new measures as early as March next year. The company hopes to boost Paypal's revenue growth and profit scale by attracting more shoppers and merchants to use Paypal's digital payment products or settlement models. These products and settlement models under Paypal are more profitable than Paypal's Braintree product. In this document, improving the checkout experience is referred to as the "top priority" for the company. According to media reports, Quantum Leap includes greatly simplifying Paypal's settlement process, redesigning Paypal's consumer application, accelerating merchant integration, and other new features aimed at enhancing Paypal's competitiveness and improving its online settlement model and Paypal digital wallet functionality. This reform effort is jointly led by multiple research and development teams at Paypal and is planned to launch the first batch of reform measures in March. Paypal strives to further enhance its leading position in terms of products and settlement models compared to rivals such as Stripe and Apple Pay. The latest survey by PYMNTS Intelligence found that although Paypal and Square dominate the global online payment and settlement market, with 85% of mainstream small and medium-sized enterprises being very satisfied with their current payment processors, there are still 15% of small and medium-sized enterprises who prefer Stripe and Apple Pay, and they are extremely dissatisfied with some of the cumbersome procedures of Paypal and Square. As of the close of trading on Tuesday, Paypal's stock price fell by 3.22%. This year, with the help of the global AI wave, US tech stocks have started an "epic rebound", but the digital payment giant Paypal seems to be isolated from this wave, with a decline of nearly 19% so far this year, even performing far worse than the benchmark index of US stocks, the S&P 500, which has risen by 20% this year. Paypal's recently announced third-quarter performance showed that the company's Q3 revenue was $7.4 billion, a year-on-year increase of 9% at a fixed exchange rate, surpassing market expectations. Adjusted earnings per share were $1.30, higher than the market's expected $1.23. Total payment volume (TPV) increased by 13% at a fixed exchange rate. At the same time, consumer spending in the United States has also maintained a strong momentum this year, which bodes well for Paypal's payment and settlement business during the holiday season. Retailers have offered significant discounts on various products, from electronics to clothing, to attract shoppers who are tired of inflation. Paypal expects adjusted earnings per share for the full year to be approximately $4.98, up from $4.95 previously. According to data from LSEG, analysts' average expectation is $4.92.