PayPal App Gets A Big Update With New Banking Features

The PayPal mobile app is getting its most significant update yet with a handful of new banking features. The company said this new app has taken over a year of planning. PayPal first disclosed plans for a revamped app in November last year (via).

The update adds a new dimension to the app, making it more than a typical money transfer app. There’s an all-new look to the app, which complements the new features well. The home screen of the app reflects the changes with dedicated sections for each new feature. So what’s exactly new?

For starters, the app brings support for its upcoming high-yield savings account known as PayPal Savings. Customers can earn a 0.4% annual yield percentage for their deposits with no monthly fees or minimum balance.

This is complemented by features like automatic bill payments and getting direct deposits two days early. These additions signal PayPal’s foray into the banking business to replace your traditional bank.

The refreshed PayPal app will also bring a coupon searching feature

The PayPal app also offers cryptocurrency options. Users can pick Bitcoin, Ethereum, and Litecoin at checkout. This feature made its way to the app in March this year with the inclusion of the Checkout with Crypto option. However, the feature was limited to U.S. customers.

PayPal is also adding a dedicated coupon searching section. This is made possible thanks to the company’s 2019 acquisition of Honey. Moreover, users will also find a hub to track bills, donations, and messages within the app.

PayPal Savings will start rolling out to customers on Android and iOS later this year, the company said. Meanwhile, the rest of the new features are already accessible from the iOS and Android apps.

President and CEO of PayPal, Dan Schulman, said, “We’re excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives, with new features like access to high yield savings, in-app shopping tools for customers to find deals and earn cash back rewards, early access Direct Deposit, and bill pay.”

PayPal said that it would add more enhancements to the app in the coming months, including “investment capabilities,” so more changes are on the horizon.