PayPal has announced the launch of a new app that will serve as a one-stop-shop for all of its customers’ digital payment demands. The app offers customers the ability to manage all PayPal-related transactions from a single dashboard.
PayPal CEO Dan Schulman claimed in July, that the company’s super app was ready for a release in the United States.
The new PayPal app, according to a press release issued on Tuesday, will give customers access to all of the company’s digital financial products.
With a wallet option to manage cryptocurrency payments and high yield savings, the new software addresses both crypto and non-crypto use cases.
Indeed, PayPal announced a partnership with Synchrony Bank, an online bank, to offer high-yield savings account through the new app.
Customers might earn up to 0.40 percent annual percentage yield on their savings using the new app, according to the digital payments giant’s release.
Customers will now be able to transfer funds from their savings account to their PayPal balance, which they may then use to shop online.
Bill payments, cashback and rebates, as well as direct deposits, are all touted as additional advantages. Customers would apparently be able to receive payments two days earlier thanks to the latter function. PayPal users will be allowed to withdraw cryptocurrency to third-party wallets.
PayPal also stated that other functionality, such as offline QR code payment and investing possibilities, will be added to the app in the coming months. PayPal was said to be mulling a move into retail stock trading in August.
The launch of the new consumer app comes just a few days after the business launched bitcoin trading for UK customers.
Schulman has previously stated that digital payments will become even more prevalent, claiming that the moment was perfect for widespread acceptance of cryptocurrencies around December 2020.
