PayPal Launches Digital Assets ‘Super App’ to Boost Crypto Payments And Savings
PayPal announced its digital assets super app launch, promising users an all-in-one customizable app offering crypto and non-crypto users a quick way to manage their financials.
Announced on Tuesday, the PayPal ‘super app’ comes with features that allow users to save, earn yield, and spend their cryptocurrencies across any of the millions of merchants accepting PayPal payments. The app features PayPal Savings, a new high-yielding savings account supported by Synchrony Bank, in-app shopping tools that allow users to earn cashback rewards or PayPal shopping credits, and a full set of crypto features to help users manage their crypto easily.
According to the release statement, the app also enables users full access to all the company’s digital financial products. The super app also offers users a direct payment option for all their bill payments. This new app also removes the long waiting times to receive a payment via its Direct Deposit feature allowing users to get paid two days earlier than it could take through the original app. Additionally, users will earn rewards, manage gift cards, and send and receive money from family, friends, and businesses.
Dan Schulman President & CEO PayPal
“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.”
It aims to boost both crypto and non-crypto users on the platform via a wallet tab that manages crypto payments and provides a high yield savings option. The PayPal Savings option is supported through a partnership with Synchrony Bank offering users a way to achieve a competitive high yield interest of 0.40% Annual Percentage Yield (APY), six times higher than the national average.
Notwithstanding, customers on the app can create savings goals with customizable visuals of their financial targets and goals and track their progress. The app also allows users to transfer from their PayPal Savings to PayPal balance instantly to allow them to spend their funds online and across the millions of PayPal merchants worldwide.
The development team is working on allowing QR codes for purchases and redeemable rewards, access and manage credit, Buy Now, Pay Later services, buy, hold and sell crypto, and support charities directly from the app.
Other features announced include a payments hub that allows users to send and receive invoice payments, international remittances, charity giving, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.
PayPal is focusing on the digital currency market since introducing Bitcoin and cryptos to its platform last year. In May, PayPal finally allowed users to withdraw their crypto assets to external wallets marking a new era on the platform. Additionally, PayPal also silently increased the weekly limit to buy Bitcoin by 5x to $100,000.