The new consumer application of PayPal allows users to manage all transactions from a single feature.
The app was created by PayPal as a one-stop-shop, and it will include all digital payments. The new tool has been ready to be launched in the United States since July and supports both fiat and digital currencies.
“PayPal introduces new features and services, adding access to high yield savings, in-app shopping tools, deals and rewards, up to two-day early access Direct Deposit, and bill pay. All-in-one, personalized app provides PayPal customers with a single destination to easily and securely manage their daily financial lives and do more with their money.”
High yield savings accounts through the new application will be possible because of PayPal’s collaboration with Synchrony Bank.
“PayPal Savings is provided by Synchrony Bank and offers customers a way to access a competitive high yield interest rate and can help encourage the development of healthy savings habits.”
Users can receive up to 0.40% annual percentage yield on their savings via the app. These earnings can also be withdrawn and used for online purchases.
“With the average national savings account only offering customers an interest rate of 0.06%3, PayPal Savings enables access to a savings account with a competitive 0.40% Annual Percentage Yield (APY)4, that is more than six times the national average, with no minimum balance or monthly fees.”
Back in August, anonymous sources stated that the American payment firm was looking for a broker-dealer company to buy or collaborate with. If PayPal introduces the new feature, it will be a direct rival to crypto-heavy platforms like Robinhood and CashApp.
Allegedly, the company has been discussing with important players of the industry to launch the new platform. But even if the plan goes through, it would take about eight months for PayPal to be approved as a brokerage firm.
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