PayPal has redesigned its app to include a variety of new
features, including support for a high-yield savings account and a way to find
coupons in-app. The changes made in the app are quite visible at the first
glance with the revamped homepage.
Previously, PayPal’s app emphasized on displaying the
account balance at the forefront. Now, the homepage displays a quick access to
a number of things, including your balance, your crypto balance, and your
frequent contacts. Other options also appear under different tabs and hubs.
Under the wallet tab, you will see direct deposit and PayPal’s
credit and debit cards. The payments hub includes peer-to-peer payments, bill
pay, charitable donations, and messaging. Similarly, the shopping tab shows coupons
and loyalty programs, while the finance tab includes cryptocurrencies and the
new high-yield savings account.
The new savings account is the major update among all the
new additions to the app. The new PayPal app also supports direct deposit and
provides users with the option to receive deposits two days early. Accounts on
PayPal’s app will now come with an annual percentage yield (APY) of 0.40
percent and no minimum balance or monthly fees.
Moreover, users will now be able to set up automatic
payments to service providers and use “eligible funding sources” from their
PayPal wallet to pay them.
The shopping hub in PayPal’s app is dedicated to offering
customers coupons and in-store discounts, so they can easily find available discounts
and offers on hundreds of popular brands. Customers will not only be able to
shop in the app, but also outside of it, through the in-app browser. This means
that you will be able to use the coupons anywhere online, as long as you are
using PayPal as your choice of payment. The shopping hub will also offer a
loyalty program to provide cashback and “shopping credit” on eligible purchases
made with PayPal.
There is a lot of new stuff to explore in the new PayPal app
and you can avail all its features (excluding the PayPal Savings accounts, which
is expected to arrive later this year) starting today.
