PayPal has hinted about a redesign of its mobile app to include additional features and services. And the first version of this “super app” is now available. Direct deposit, a digital wallet, bill payments, shopping tools, and even cryptocurrency possibilities are among the new features of the new app. It also introduces new high-yield savings account in the United States, in collaboration with Synchrony Bank. This marks PayPal’s transition from a payments service to a full-fledged financial app.
The new PayPal app features:
PayPal Savings is a new offering from Synchrony Bank that allows consumers to have a savings account within the app. It offers a “competitive high yield interest rate” to entice clients to start saving. It’s also simple to transfer funds between this account and their PayPal account. You may now contribute a portion or all of your paycheck to your PayPal balance using the Direct Deposit option. That allows you to get paid up to two days early.
The new PayPal app also has new shopping capabilities. It allows you to learn about new deals, buy online and in stores and earn rewards all within the app. In a new in-app browser, you’ll be able to check discount coupons and deals from merchants. You may also save the offers to your digital wallet and spend them later. Within the PayPal app, there will be a new loyalty program where you may earn cashback rewards and purchasing credit from participating vendors.
Customers can track, see, and pay bills from over 17,000 businesses, including utilities, TV and internet, credit cards, and phones, among others. To pay your bills, you can use your PayPal wallet or any other linked financing source. A dashboard is available for people interested in cryptocurrencies, allowing them to effortlessly manage, purchase, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
You’ll be able to control all of this in your own, personalized dashboard. PayPal said it will be introducing more features and upgrades in the future, such as investing possibilities and more in-store and online payment options.
Also read: Google To Remove Payments From Its Google Pay Web App.