PayPal has rolled out its “super app” which is touted to be an all-in-one, personalised app that offers customers the best place to manage their financial lives.
The new PayPal app will introduce new features including PayPal Savings, a new high yield savings account provided by Synchrony Bank, alongside new in-app shopping tools that will enable customers to earn rewards redeemable for cash back or PayPal shopping credit and uncover deals with hundreds of merchants.
Additionally, the new app offers PayPal customers a single place to manage their bill payments,
Users can also get paid up to two days earlier with the new Direct Deposit feature provided through one of PayPal’s 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,
Additionally, the new app also offers Buy Now, Pay Later services as well the ability to buy, hold and sell crypto.
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.
The number of consumers using digital wallets is expected to double to 4.4 billion globally by 2025.
In the coming quarters, PayPal plans to add new features and enhancements to the app, including investment capabilities and more ways to pay with the app online and in-store, including the ability to pay with QR codes in an offline environment and enhanced PayPal-branded capabilities that offer new ways to shop and save in-store.
“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.