PayPal has revealed several new app updates aimed at helping consumers better manage personal finances. Some of the key updates include a high yield savings account and new in-app shopping tools that enable customers to earn rewards redeemable for cash back or PayPal shopping credit.
“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.”
The new app offering gives customers access to a personalized dashboard that can manage bill payments and get paid up to two days earlier through direct deposit, handle gift cards and send and receive money to friends, family and businesses. Additionally, customers can pay with QR codes for purchases, redeem rewards in-store, access and manage credit, use buy now, pay later (BNPL) services, buy, hold and sell crypto and support various causes and charities.
The company has partnered with Synchrony Bank to offer a no-cost high-yield savings account, which gives users a 0.40 percent annual percentage yield (APY) – more than six times the national average. And through the new enhanced shopping tools, customers can expect discounts and offers on hundreds of brands that can all be shopped through the in-app browser.
While the new PayPal app rollout has already begun, offerings such as PayPal savings and new shopping tools and rewards are expected to be offered to customers in the U.S. over the next coming months.
PayPal’s move to revamp its app comes as the payments provider expects the number of consumers using digital wallets to double to 4.4 billion globally.