PayPal has officially announced its “super app” where users can manage everything from shopping tools, to bill payments and even cryptocurrency trading.
PayPal’s all-in-one app is designed to be a personalised digital wallet where users can manage every aspect of their finances, marking a significant evolution from its foundations as a simple money transfer service.
Users can now choose to have their paycheck deposited directly into their PayPal account with the additional option of a two-day early access to their funds, placing it in direct competition with emerging digital banks like Chime.
Alongside the new direct deposit option, PayPal says it has upgraded its bill payment feature which will now enable them to track, automate payments and set reminders for bills from around 17,000 companies ranging from credit card providers to utilities companies.
Furthermore, a new partnership with Synchrony Bank will give users access to a high-yield savings account with a 0.40 per cent annual percentage yield (APY).
Through the same ‘finance’ tab used to access savings accounts, users will also have access to PayPal’s cryptocurrency trading capabilities launched earlier this year covering Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
All of PayPal’s original payment functions will also be accessible, including peer-to-peer payments, non-profit giving and will soon offer the ability to pay for things via a QR code in an offline environment.
Following its acquisition of Honey in 2019, the app will integrate its core features allowing shoppers to browse the latest deals and exclusive rewards available to them.
It is understood that the app is being rolled out across the US from today, with a number of the app’s functions like its savings accounts due in the near future.