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PayPal Announces Super App With Added Crypto & Shopping Features
Global online payments giant PayPal has announced their new super app which offers multiple new financial services to platform users. The massive overhaul also includes additional “crypto capabilities.”
PayPal’s upgraded application will bring a ‘PayPal Savings’ service which basically is a savings account that offers APY rates of 0.4% with no monthly fees or minimum necessary balance. The service is provided by Synchrony Bank.
Although the interest rate is still below many of the rates offered by DeFi, it is nevertheless far above average national interest rates, with zero interest earnings becoming more prevalent.
— PayPal (@PayPal) September 21, 2021
In the announcement, PayPal confirms that it is complying with all regulatory oversight which some in the crypto space might not.
The app brings numerous new features, including extensive shopping tools for improved experience. New features include managing gift cards, paying with QR codes, and accessing credit all from within the same app.
Of course, the app will offer a finance tab that includes access to high yield savings and crypto capabilities.
The app’s design and functionalities resemble a crypto wallet and can be considered a “super app” therefore. Or as Dan Schulman, the head of PayPal, puts it, a “one stop destination”.
“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.”
The new long anticipated features will be rolled out for U.S. customers in the next months. Schulman hinted at a new “super app wallet” being introduced with “additional crypto capabilities” in August. Just last week PayPal enabled crypto trading for its U.K. customers.
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Author: Peter Siu