PayPal is moving away from being an online checkout button to a one-stop shop for money management. The company introduced the new PayPal app Tuesday with features and services that allow customers to better manage their financial lives.
“We’re excited to introduce the first version of the new PayPal app,” said Dan Schulman, president and CEO of PayPal. Several new features have been added to the PayPal app, such as access to PayPal Savings — a high-yield savings account provided by Synchrony Bank — in-app shopping tools for customers to find deals and earn cashback rewards, two-day early access Direct Deposit and bill pay.
“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,” Shulman added.
According to PayPal, the new app has a personalized dashboard of the customer’s PayPal account with a wallet tab to manage payment tools and Direct Deposit, a finance tab with access to high yield savings and crypto capabilities and a payments hub that includes send and receive money features, international remittances, charitable giving, bill pay and a two-way messaging feature to send a confirmation after peer-to-peer transactions.
Access to a savings account with an annual percentage yield of 0.4% — which is several times more than the national average, according to PayPal — will be provided with no minimum balance requirements or monthly fees.
“The last 12 to 18 months have been some of the most productive in terms of pacing from a product perspective in the enterprise’s history,” Julian King, senior vice president of PayPal consumer, said in an interview reported by Bloomberg. “We should expect to continue that drumbeat of innovation.”
In the coming months, the company said it’s also planning to add investment capabilities and other ways to use its services to pay in-store, Bloomberg noted.
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Last updated: September 22, 2021