PayPal is launching a super app that offers consumers an all-in-one platform to manage personal finances, including early-access direct deposit, high-yield savings, shopping tools, bill payments, rewards and more.
Dan Schulman, president and CEO of PayPal, said in a press release that the new app offers a “one-stop destination” to manage everyday finances.
“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,” Schulman said.
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PayPal Savings, provided by Synchrony Bank, offers a 0.4% annual percentage yield, more than six times the national average of 0.06%. The tool enables users to set up automatic transfers, create visual savings goals and track their progress.
New in-app shopping tools give customers a loyalty program with the ability to earn rewards redeemable for cashback or PayPal shopping credit. The tool also enables users to discover exclusive discounts and deals available at hundreds of retailers.
The new all-in-one app gives users a single platform for all bill payments and peer-to-peer money transfers, as well as buy now pay later (BNPL) options, QR code payments and cryptocurrency buying and selling.
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There is also a personalized dashboard showing the customer’s PayPal account details, a digital wallet tab for payment methods and deposits, a finance tab for savings and crypto and a payments hub for sending and receiving payments and for handling domestic and global money transfers.
Digital wallet use is growing and is anticipated to hit 4.4 billion users worldwide by 2025, according to Juniper Research data. PayPal is planning new app features, including investment tools and the ability to use QR codes for payments offline.
Customers can easily transfer money between PayPal Savings and their PayPal balance to use on purchases. Interest amounts are provided to the customer at the end of their statement period on a monthly basis. PayPal Savings is planned to start rolling out to U.S. customers in the coming months.
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