SAN JOSE, Calif.—The first version of PayPal’s “super app” is officially being introduced to the market, offering a combination of financial tools including direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more.
The company is also announcing a partnership with Synchrony Bank for its new high-yield savings account, PayPal Savings, Tech Crunch reported.
“These changes shift PayPal from being largely a payments utility that’s tacked on other offerings here and there, to being a more fully fleshed out finance app,” Tech Crunch stated. “These features could make PayPal more competitive, as getting paid earlier has been one of the bigger draws among those considering digital banking apps instead of using traditional banks.”
In addition to shifting their paychecks to PayPal, customers’ can increasingly use those funds to handle everyday expenses or contribute to personal savings.