Paypal has updated its app with new features and tools, including direct deposit that enables peer-to-peer payments, payments with QR codes, crypto transactions, among other features.
In addition, the app will also feature a Wallet tab that’ll help people manage payment instructions and direct deposits. Another Finance tab also comes to the app, which will allow people to access crypto services (buy, hold, sell), and payments hub to send and receive money, international remittances and charity. The company says that their AI and ML will power the digital wallet to create a personalised experience for every customer.
Paypal also announced an upcoming feature for US customers called Paypal Savings, a new high yielding (0.40% APA) savings account developed in partnership with Synchrony bank. Alongwith this, US customers will also see in-app shopping tools, including deals and cashback rewards.
The new Paypal app starts rolling out on Tuesday with most of the features. However, Paypal Savings and in-app shopping tools, including rewards, will roll out to US customers in the coming months.
“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 cashback rewards, early access Direct Deposit, and bill pay,” said Dan Schulman, president and CEO of PayPal.
Paypal will continue to add new features to the app in the coming months, including tools to invest and more ways to pay with the app online as well as in-store in an offline environment.
“Our new app offers customers a simplified, secure and personalised 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.“