PayPal launches new app with rewards and high-yield savings

The new PayPal app on a phone

PayPal has announced the launch of its refreshed mobile app, with all new features that make it “the best place to manage” your financial life. The update introduces PayPal Savings – a high-yield saving account provided by Synchrony Bank, the ability to earn rewards and get deals from hundreds of merchants.

When you launch the newly updated app, you’ll arrive on a personalised dashboard where you can see a wallet tab to manage payment instruments and Direct Deposit – a feature that lets you get paid two days early, there’s a finance tab with access to high-yield savings and cryptocurrency features, and there’s a payments hub where you can send and receive payments, send international remittances, donate to charities or non-profits, pay bills, and send two-way messages to send acknowledgement notes after making peer-to-peer transactions.

Commenting on the new update, Dan Schulman, President and CEO of PayPal, said:

“We're excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives, with new features like access to high yield savings, in-app shopping tools for customers to find deals and earn cash back rewards, early access Direct Deposit, and bill pay. Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and removes the complexity of having to manage multiple financial or shopping apps, remember different passwords and track loyalty rewards.”

According to the firm, by 2025, the use of digital wallets is expected to double to 4.4 billion around the world. With this update to the PayPal app, it wants to become the go-to app for all financial activities people perform day-to-day. It’s already used by many people and the new tools it is starting to offer, such as cryptocurrency support, only make it more appealing.

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