PayPal recently announced a new app for digital currencies, which represents the payments giant’s next step towards becoming a major player in the digital currency industry. The app is described as a one-stop shop for all of the digital users’ digital payments needs.
The app was actually in the pipeline for quite some time, with the payments giant’s CEO, Dan Schulman, announcing it back in July. Back then, he said that the so-called ‘super app’ will soon be ready for the rollout in the US.
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Now, PayPal confirmed that the app is indeed ready, announcing its soon launch in a release published yesterday, September 21st. According to the release, the app will allow users to access all of the digital financial products that the company offers or will offer down the road.
Interestingly, the app will do more than that, as it will cover both crypto and non-crypto use cases. It also has a built-in crypto wallet tab where users will be able to manage their crypto payments and high-yield savings.
High-yield savings come as part of a new partnership
The company also used this opportunity to announce its new partnership with Synchrony Bank — an online bank that will allow for the mentioned high-yield savings by offering its own accounts via the new app. As for how high the yields can go — PayPal revealed that the annual percentage yield savings could go as high up as 0.40%.
Naturally, users will be able to withdraw their funds from the savings account directly to their PayPal, from where they can engage in online shopping, or invest in digital coins, as well as pay bulls, engage in cashback and rebates, make direct deposits, and alike. Direct deposits will also be highly beneficial to users, as they will allow them to receive payments two days earlier, instead of having to patiently wait for the full deposit period.
While this is a big move for PayPal, the company revealed that the app will receive even more features in months to come. Some of them are things like investment capabilities, the ability to make offline QR code payments, and more.
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