Financial giant PayPal just announced the launch of a new financial application that will make crypto services even more accessible on its platform.
PayPal is sharing details about the first iteration of its digital wallet and payments app, which features an array of new financial capabilities.
As the announcement explains,
“The new app includes 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.”
The payments giant will partner with Synchrony Bank to create a high-yield savings account called PayPal Savings. The service is expected to start rolling out to US-based customers in the coming months.
Dan Schulman, president and CEO of PayPal, says that the new app simplifies the customer experience by creating an all-in-one service that eliminates the need for multiple financial applications.
“Our new app offers customers a simplified, secure, and personalized experience that builds on our platform of trust and security. [It] removes the complexity of having to manage multiple financial or shopping apps, remember different passwords, and track loyalty rewards.”
PayPal also plans to add new features and enhancements to the app in the future. The company intends to offer investment capabilities and payment options with the app online and in-store, including offline QR code payments and enhanced PayPal-branded capabilities to offer new ways to shop and save in-store.
According to the press release, PayPal expects the number of digital wallet users to grow vastly over the next few years, with 48% of consumers citing simplicity as the main reason for adopting digital wallets.
“The number of consumers using digital wallets is expected to double to 4.4 billion globally by 2025, and nearly half of consumers (48%) already cite simplicity as the top reason to use a digital wallet.
The new PayPal app aims to address this [need] by offering an all-in-one app as the primary destination for customers to easily manage their day-to-day financial lives.”
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