• PayPal has launched a new consumer app that supports cryptocurrency, savings, and direct deposits

  • Customers can manage all PayPal-related transactions from a single dashboard with the app.

    PayPal has announced the launch of a new app that will serve as a one-stop shop for all of the company’s customers’ digital payment needs.

    PayPal CEO Dan Schulman stated in July, as previously reported by ULTCOIN365, that the company’s super app was ready for a rollout in the United States.

    The new PayPal app, according to a press release issued on Tuesday, will give users access to all of the company’s digital financial products.

    With a wallet tab to manage cryptocurrency payments and high yield savings, the new app covers both crypto and non-crypto use cases.

    Indeed, PayPal announced a partnership with Synchrony Bank, an online bank, to offer a high-yield savings account through the new app.

    Customers could earn up to 0.40 percent annual percentage yield on their savings with the new app, according to the digital payments giant’s announcement.

    Customers will also be able to transfer funds from their savings account to their PayPal balance, which they can then use to shop online.

    Bill payments, cashback and rebates, as well as direct deposits, are all mentioned as additional features. Customers will reportedly be able to receive payments two days earlier thanks to the latter feature.

    PayPal also stated that more features, such as offline QR code payment and investment capabilities, will be added to the app in the coming months. PayPal was rumored to be considering a move into retail stock trading in August, according to ULTCOIN365.

    The launch of the new customer app comes just a few days after the company launched crypto trading for UK customers.

    Schulman has previously stated that digital payments will become even more prevalent, claiming that the time was ripe for widespread adoption of cryptocurrencies in December 2020.

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