PayPal Unveils New Consumer App for Crypto Transactions

According to the press release issued on Tuesday, Paypal Holdings Inc (NASDAQ: PYPL) has confirmed that their new app will enable users to access holistic digital payments on its platform. The company has explained that their new app has been designed specifically to assist consumers in managing their cryptocurrency proceedings along with their normal day-to-day bank account transactions.

As per Cointelegraph, the CEO of PayPal Dan Schulman had previously hinted that the company has already developed a Super App and is looking forward to launching it in the US sometime soon.

PayPal to Expand Its Existing App Features by Including Additional Digital Payment Services

PayPal has managed to partner up with an online Synchrony Bank to offer a saving account feature for its customers. The company has revealed that the new app will enable consumers to earn up to 0.40% annual revenue on their savings if they decide to make use of the app’s new savings option. PayPal has also introduced a feature where consumers will be able to withdraw their earnings in PayPal balance to simplify their online shopping experience.

Apart from the primary features, the app is said to include other services such as the facility to make direct deposits where customers will be able to receive payments two days earlier. Other features include facilities such as bill payments, cashback, and rebates options. The app will allow users to access all digital payments and saving options from a single dashboard with the intent to make the process more transparent and simpler for the masses.

PayPal also plans to expand its portfolio furthermore by launching additional digital services such as QR scanning and investments. As per the news reported by Cointelegraph, PayPal had been long considering to venture into the field of retail stock trading. With this new version, the payment giant is planning to make its platform more multidisciplinary and detailed in terms of digital payment services and management.

PayPal has acquired a significant user base and continues to thrive in the economic domain as a prominent financial technology company. Established in 2008 as Confinity, PayPal had recently introduced crypto trading for its customers based in the United Kingdom. With its extensive client base, the company’s CEO Schulman had opined that digital payments and transactions will surge even more in the future and the company’s decision to introduce crypto management on its platform will surely bring a positive outcome in terms of revenue and profitability.