PayPal introduces New Features and Services with the launch of the New PayPal App

PayPal has rolled out the new PayPal app. It is an all-in-one, personalized app that offers customers the best place to manage their financial lives.

The new PayPal app has some offerings with new features that include PayPal Savings, a new high yield savings account provided by Synchrony Bank, alongside new in-app shopping tools that will enable customers to earn rewards redeemable for cash back or PayPal shopping credit and uncover deals with hundreds of merchants.

In addition, the new app allows PayPal customers to manage their payment bills in one place. Also, it has the new Direct Deposit feature that lets customers get paid up to two days earlier through PayPal’s bank partners.

The New PayPal app also allows customers to earn rewards and manage gift cards, send and receive money to friends, family, and businesses, pay with QR codes for purchases and redeem rewards in-store, access and manage credit, Buy Now, Pay Later services, buy, hold and sell crypto, as well as support causes and charities they care about.

It also has a personalized dashboard of a customer’s PayPal account, a wallet tab to manage payment instruments and Direct Deposit, a finance tab that includes access to high yield savings and crypto capabilities, and a payments hub that includes send and receive money features, international remittances, charitable and non-profit giving, bill pay, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.

Dan Schulman, president, and CEO of PayPal said, “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 cash back rewards, early access Direct Deposit, and bill pay.

 “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.“

In the coming quarters, PayPal plans to add new features and enhancements to the app, including investment capabilities and more ways to pay with the app online and in-store, including the ability to pay with QR codes in an offline environment and enhanced PayPal-branded capabilities that offer new ways to shop and save in-store.