PayPal’s new app allows users to do savings and manage finances

September 22, 2021 | 2 minutes read

PayPal’s new app enables users to keep track of their payments also providing users with a range of shopping tools and discounts.

PayPal has finally built its super app with multiple new features including peer-to-peer payment,  shopping tools, digital wallets, bill payment, crypto capabilities, and much more. Previously the company prioritized sending and receiving money and cryptocurrencies, but this new app is trying to open a wide range of possibilities for its users. 

The company has also introduced high-yield savings account for its customers in partnership with Synchrony Bank called PayPal Savings. This new PayPal application is quite upgraded and different from the previous one as it includes the personalized dashboard of a customer’s PayPal account containing a wallet tab to manage payment instruments and direct deposits, the payment hub contains money sending and receiving feature, international remittances, bill payment, charity giving,  and two-way messaging feature to send peer to peer transactions.

PayPal has also introduced a range of new shopping tools to allow customers to discover exclusive discounts and deals, make purchases and earn rewards within the application. The shoppers will also be given offers and discounts on a wide range of popular brands and will be able to shop via the in-app browser. Other than this there will be new loyalty programs and ways for customers to earn rewards.

Customers with this app can also better manage their finances and payments such as users can add all or portion of their paycheck and payments to their PayPal Balance account electronically. In addition to this, the enhanced bill payment functionality allows customers to keep track of their bills related to utilities, TV, insurance, credit cards, phone, etc directly within the app.

Fintech applications being jam-packed with so many features have facilitated people especially during the unprecedented times of pandemic. And with the ever-increasing usage of fintech mobile applications and software, this trend is not going to abort anytime soon and the new PayPal Application is quite a clear example of this argument.