PayPal is updating its mobile application with a new design and more useful functions for users.
According to the managers of the company, it is a new application that could serve as a “one-stop shop” for all the digital payment needs of its customers.
According to an official statement, this new application will allow people to access all of the company’s digital financial products.
The most important changes are visual. Now, the new home page of the app is a kind of control panel with quick access to the balance, the amount of crypto that the client has and their most frequent contacts.
Direct deposit and features like PayPal debit and credit cards are now in the wallet tab.
At the center of payments are peer payments, bill pay, charitable donations and messaging.
Among the novelties, a savings account is also added. For this, the company partnered with online bank Synchrony Bank to provide a high-yield savings account through the app.
PayPal announced that customers will now be able to receive up to a 0.40 percent annual percentage return on their savings with the new application.
Individuals will also be able to withdraw their earnings from the savings account to the PayPal balance to use for online purchases.
The company announced that it intends to incorporate new functions in the coming months, such as the investment capacity and offline payment with QR codes.