The PayPal platform has its mobile app with a new visual design, high-return savings account support, and a way to find coupons within the app. The platform has been talking about its super app plans for some time, which offers a suite of financial tools, including direct deposit, bill payment, digital wallet, peer-to-peer payments, shopping tools, crypto capabilities, and more. The company is also announcing its partnership with Synchrony Bank for its new high-yield PayPal Savings account.
In the past, the company has prioritized sending and receiving money and cryptocurrency. But her new app is trying to be a small part of everything for everyone. The visible change is the noticeable change. The company's old app focused on sending and receiving money, seeing your account balance when you open the app.
While the app's new home page has become a dashboard of sorts with quick access to your balance, how much cryptocurrency you own, and your frequent contacts. It sorts other options under custom tabs and axes.
These changes are transforming the company from being a payments tool to a more embodied financial app. Although the company itself does not aim to be a bank. But the new app offers a host of competitive features for those who are considering transferring their finances to new banks, such as Chime or Varo.
The app now includes support for direct salary deposits through the platform's banking partners with 2-day early access, bill payments, and more. These features could make the platform more competitive, as getting paid early has been one of the biggest trends among those who are considering digital banking applications rather than using traditional banks.
In addition to transferring their salaries to PayPal, customers can then use the money for things that are part of everyday life, such as paying their bills, saving, or shopping, for example.
Paypal wants to become your bank
The enhanced bill payment feature allows customers to track, view, and pay bills from thousands of businesses. Including utilities, TV, internet, insurance, credit cards, phone, and more.
Customers can also discover invoices with an enhanced smart search feature. And set reminders to notify them of upcoming bills. And schedule automatic payments for the bills they have to pay on a regular basis.
Invoices do not have to be paid only from the funds currently in the platform account. But it can be repaid through any eligible funding source linked to a PayPal account. The company is capitalizing on its $4 billion 2019 Honey acquisition. Core Honey features are now part of the mobile PayPal experience, including personalized deals and exclusive rewards.
The company's users can browse the discounts and offers within the application, and then shop and deal through the application's browser. Deals can be saved to the wallet for future use, which can be applied if you shop later in the app or online. Customers are also able to join the loyalty program, where they can earn cashback and shopping credit on their purchases.
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