PayPal plans to add new features and enhancements to the app in the coming quarters
PayPal announced the new PayPal app, an all-in-one, personalized app that offers customers the place to manage their financial lives.
The app will introduce new features including PayPal Savings, new savings account provided by Synchrony Bank. Along with that, it offers new in-app shopping tools that will enable customers to earn rewards redeemable for cashback or PayPal shopping credit.
Customers can 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 US in the coming months.
Additionally, the new app offers PayPal customers a single place to manage their bill payments, get paid up to 2 days earlier with the new Direct Deposit. Besides, they will be able to earn rewards and manage gift cards, send and receive money to close ones and businesses, pay with QR codes for purchases and redeem rewards in-store, access and manage credit, BNPL services, buy, hold and sell crypto.
According to the press release, the number of consumers using digital wallets is expected to double to 4.4 billion globally by 20251, and nearly half of consumers (48%) already cite simplicity as the top reason to use a digital wallet. The new PayPal app aims to address this by offering an all-in-one app as the primary destination for customers to easily manage their day-to-day financial lives.
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