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| PayPal offers a complete application for providing financial instruments |
PayPal has updated its mobile app with a new visual design, support for high-yield savings accounts, and a way to find coupons in the app.
The platform talked about its superior application software that provides a suite of financial tools including direct deposit, bill payment, digital wallet, peer-to-peer payment and shopping tools. encryption functions, etc.
The company also announced a 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 his new app is trying to be a small part of everyone.
Visible changes are visible changes. The company's old app focused on sending and receiving money, and you can see your balance when you open the app.
Although the app's new home page has become a ton of dashboards, it gives you quick access to your balance, cryptocurrency, and frequent contacts. It sorts other options under custom tabs and axes.
These changes are shifting companies from payment instruments to more specific financial applications. Although the company does not want to become a bank per se. But the new app has a lot of competitive features for those looking to transfer money to a new bank (like Chime or Varo).
The app now supports direct salary payments via the platform's banking partners and provides 2-day advance access, bill payment, and other functions.
These features can make the platform more competitive because prepaid is one of the biggest trends among those who are considering using digital banking apps instead of traditional banking.
In addition to transferring wages to PayPal, customers can also use the money for a part of their daily life, such as paying bills, saving or shopping.
PayPal wants to be your bank
Enhanced bill payment capabilities allow customers to track, view, and pay bills from thousands of businesses. Including utilities, TV, internet, insurance, credit cards, phones, etc.
Customers can also discover invoices using the enhanced smart search functionality. And set reminders to notify you of upcoming bills. And arrange automatic payments for bills that they have to pay regularly.
The bill should not be paid only from the current balance in the platform account. However, it can be redeemed through any eligible funding source linked to your PayPal account.
The company benefits from its $4 billion acquisition of Honey in 2019. Honey's core features are now part of the mobile PayPal experience, including in-person transactions and exclusive rewards.
Business users can browse discounts and discount information in the app, then make purchases and transactions through the app's browser.
The transaction can be saved to the wallet for future use and you can apply it when you make a later purchase in the app or online.
Customers can also participate in a loyalty program that gives them cash back and purchase points.