SAN JOSE, Calif.—PayPal is launching a “super app” that it says that offers consumers an all-in-one platform to manage personal finances, including early-access direct deposit, high-yield savings, shopping tools, bill payments, rewards and more.
The new app offers a “one-stop destination” to manage everyday finances, PayPal stated.
"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," said PayPal CEO Dan Schulman said.
PayPal Savings, provided by Synchrony Bank, offers a 0.4% annual percentage yield, more than six times the national average of 0.06%. The tool enables users to set up automatic transfers, create visual savings goals and track their progress, Pymnts.com explained.
New Loyalty Program
In addition, the company said new in-app shopping tools give customers a loyalty program with the ability to earn rewards redeemable for cashback or PayPal shopping credit. The tool also enables users to discover exclusive discounts and deals available at hundreds of retailers, according to PayPal.
The new all-in-one app gives users a single platform for all bill payments and peer-to-peer money transfers, as well as buy now pay later (BNPL) options, QR code payments and cryptocurrency buying and selling, Pymnts.com noted.