According to the latest news, PayPal is updating its mobile app with a new visual design. It is bringing support for a high yield savings account along with a way to find coupons in app. So far, the company emphasized sending and receiving money and crypto currencies, but its new app is trying to expand into other things. The changes in the new app is visibly noticeable.
The upgraded app’s new homepage is a dashboard with quick access to your balance, crypto balance, and frequent contacts. There are many dedicated tabs and hubs. Direct deposit and features like PayPal’s credit and debit cards are under the wallet tab. Here, you will also find peer to peer payments, bill pay, charitable donations, and messaging.
Similarly, there is a dedicated shopping tab that keeps track of coupons and loyalty programs. Lastly, there is also a finance tab featuring crypto currencies and the new high yield savings account.
Particularly, this rolling out of a digital savings account is a notable one. Earlier this year, the automatic money saving app Digit added banking in beta but PayPal has even more reach with direct deposit supports. The account is provided by Synchrony Bank.
PayPal says its accounts will come with an annual percentage yield (APY) of 0.40 percent and no minimum balance or monthly fees. In short, PayPal’s new app is jam packed with features. The update is rolled out today.