PayPal launches a new app for crypto, savings and direct deposits

PayPal launches a new app for crypto, savings and direct deposits
PayPal launches a new app for crypto, savings and direct deposits

PayPal has announced the launch of a new app that will offer a single platform for all customers’ digital payment needs.

As Cointelegraph previously reported, PayPal CEO Dan Schulman said in July that the company’s super app was ready for US launch. According to a statement released on Tuesday, PayPal’s new app will allow users to access all of the company’s digital financial products.

The new app includes both crypto and non-crypto applications, with a wallet card to manage cryptocurrency payments and high-yield savings. Indeed, PayPal’s announcement includes a partnership with online bank Synchrony Bank to provide a high-yield savings account through the new app.

The digital payments giant revealed that customers could receive an annual percentage return of up to 0.40% on their savings with the new app. They will also be able to withdraw their earnings from the savings account on their PayPal balance to use them in online purchases.

Other features mentioned include bill payment, cashback and discounts, as well as direct deposits. The latter feature should allow customers to receive payments two days in advance.

Related: PayPal will allow users to move their crypto to external wallets

PayPal has indicated that it intends to add new features to the app in the coming months, including the offline payment via QR code and investment opportunities. In August, Cointelegraph reported that PayPal was considering entering the retail equity trading arena.

The announcement on the new consumer app comes just days after crypto trading for users debuted in the UK.

In the past, Schulman has said that digital payments will become even more important, commenting in December 2020 that the time was ripe for mainstream adoption of cryptocurrencies.

Source

PayPal launches app crypto savings direct deposits

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