Tech
PayPal's new app packs every banking feature you'll ever need
Including access to high-yield savings accounts rolling out in the near future.
PayPal’s mobile app is about to receive its biggest overhaul in years, with sweeping changes to both the app’s aesthetics and functionality. The new “super app” is the culmination of more than a year of planning and development; PayPal first laid out plans for the improved app experience at a third-quarter earnings call last November.
Earlier this summer, CEO Dan Schulman revealed in an investor call that the new and improved PayPal experience was all but ready for a general launch. Now the super app is here and available for download on iOS and Android devices.
Calling PayPal’s new app “super” might be a stretch, but it certainly adds a variety of features to the standard send-and-receive model the app has previously operated on. The new PayPal looks completely different and includes a coupon-finding feature and support for PayPal’s forthcoming high-yield savings account.
That’s the overall feeling PayPal wants to give customers: You can come to the app for just about anything money-related, now. PayPal is ready to be your everything app... and hopes to replace your bank.
Your everything app — PayPal wants to continue being your payment processor, but the company doesn’t want you to think of it only as such. The new app’s homepage is a testament to where PayPal sees itself, now. Upon opening the app, users are now directed to a homepage hub of sorts, with sections dedicated to each of PayPal’s many functions.
The new app has a dedicated section for buying and selling cryptocurrency, with the option to use Bitcoin, Litecoin, and Ethereum at checkout. There’s a built-in coupon-searching section, thanks to the company’s acquisition of Honey; it’s the first time PayPal has really folded Honey’s features into its main app since buying the company in 2019. There’s a payments hub to keep track of your bills, donations, and messages.
PayPal the bank — Also notable in the new app is dedicated access to PayPal’s new high-yield savings account. PayPal Savings will allow customers to earn an annual percentage yield of 0.4 percent with no minimum balance or monthly fees. It’s PayPal’s biggest foray into banking yet. Taken in tandem with the ability to receive your direct deposit two days early on the PayPal app and automatic bill payments, PayPal is really pushing its ability to replace your traditional banking institution.
PayPal Savings is set to roll out later this year, but all the other new features are already available in the super app, which you can download from Apple’s App Store or Google’s Play Store right now.
