PayPal Announces APP With New Payments Features Including Cryptocurrency.
PayPal introduces new Financial features and business services, adding access to high yield savings, in-app shopping tools, deals and rewards, up to two-day early access Direct Deposit, crypto capabilities, and bill pay.
PayPal announces the new PayPal app, an all-in-one, personalized app that offers customers the best place to manage their financial lives. The new PayPal app will introduce new features including PayPal Savings.
Additionally, the new app offers PayPal customers a single place to manage their bill payments, get paid up to two days earlier with the new Direct Deposit feature provided through one of its bank partners, earn rewards and manage gift cards, send and receive money to friends, family and businesses, pay with QR codes for purchases and redeem rewards in-store, access and manage credit, Buy Now, Pay Later services, buy, hold and sell crypto, as well as support causes and charities they care about.
According to the PayPal announcement included a partnership with Synchrony Bank to provide a high yield savings account via the new app.
Synchrony Bank is an award-winning online bank offering a variety of products including high yield savings accounts, certificates of deposit and money ...
Personalise Dashboard
With a wallet tab for managing cryptocurrency payments and high yield savings, the new app supports both crypto and non-crypto use cases.
The new app includes a personalized dashboard of a customer's PayPal account, a wallet tab to manage payment instruments and Direct Deposit, a finance tab that includes access to high yield savings and crypto capabilities, and a payments hub that includes send and receive money features, international remittances, charitable and non-profit giving, bill pay, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.
We're excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives, with new features like access to high yield savings, in-app shopping tools for customers to find deals and earn cash back rewards, early access Direct Deposit, and bill pay," said Dan Schulman, president and CEO of PayPal.
"Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and removes the complexity of having to manage multiple financial or shopping apps, remember different passwords and track loyalty rewards.
Save and Earn More with PayPal Savings
PayPal Savings is provided by Synchrony Bank and offers customers a way to access a competitive high yield interest rate and can help encourage the development of healthy savings habits. With the average national savings account only offering customers an interest rate of 0.06%.
PayPal Savings enables access to a savings account with a competitive 0.40% Annual Percentage Yield (APY), that is more than six times the national average, with no minimum balance or monthly fees.
Through the new PayPal app, customers can discover exclusive deals, shop and earn rewards seamlessly from the app.
Early Access - Manage your Money
PayPal's new mobile app adds new features, including the ability to receive your direct deposit up to two days earlier. Direct Deposit, offered by one of PayPal's bank partners, allows customers to electronically deposit their paycheck and other payments to their PayPal Balance account.
The new PayPal app is an intelligent digital wallet powered by PayPal's artificial intelligence and machine learning to create a unique wallet experience to users.
Today, PayPal started rolling out the new app, and PayPal Savings, new shopping tools, and rewards programs will begin rolling out to U.S. customers in the coming months.