According to a statement on Tuesday, the new PayPal app will allow users to access all of the company’s digital financial products.
The new app covers both crypto and non-crypto use cases with a wallet tab to manage cryptocurrency payments and high yield savings.
The new app brings together PayPal’s banking and money movement capabilities such as cross border remittance, person-to-person capabilities, and crypto solutions with shopping features like the ability to make purchases with a QR code, fund it through its Buy Now Pay Later option, and find deals through Honey.
As part of the announcement, the digital payments giant revealed that customers could receive up to 0.40% annual percentage return on their savings with the new app as part of the announcement.
Customers will also be able to withdraw their earnings from the savings account into the PayPal balance for use when shopping online.
personalized 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, get paid up to two days earlier with the new Direct Deposit feature provided through one of our 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, Buy Now, Pay Later services, buy, hold and sell crypto, as well as support causes and charities they care about.
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.
Save and earn more with PayPal savings.
PayPal Savings is provided by Synchrony Bank and offers customers a way to access a competitive high yield interest rate and can help encourage the development of healthy savings habits. With the average national savings account only offering customers an interest rate of 0.06%3, PayPal Savings enables access to a savings account with a competitive 0.40% Annual Percentage Yield (APY)4, that is more than six times the national average, with no minimum balance or monthly fees. Customers can also create savings goals with visuals of what they want to achieve and track their progress, while automatic transfers to PayPal Savings can help create regular habits and achieve financial goals.
Customers can easily transfer money between PayPal Savings and their PayPal balance to use on purchases with PayPal. 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 customers in the U.S in the coming months.
New Shopping Tools, Exclusive Deals and Cash Back Rewards.
The new PayPal app will introduce a range of new shopping tools to enable customers to discover exclusive deals, make purchases and earn rewards seamlessly within the app. Shoppers will be presented with discounts and offers on hundreds of popular brands and will be able to shop through the in-app browser. Customers will be able to save deals to their wallet for future use when they checkout with PayPal in the app or online and use the in-app browser to search for coupons for even more ways to save when shopping with PayPal. The app will also include a new loyalty program, where customers can earn rewards redeemable for cash back and PayPal shopping credit on eligible purchases completed with PayPal.
"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. "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."