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Huge PayPal App Update Adds Savings Accounts, Shopping Deals, And More
PayPal is an essential app for many people, and as of today, it’s receiving one of the biggest updates ever. In 2021, there are seemingly countless financial apps available. There are apps with online-only checking accounts, fee-free trading, access to crypto markets, and a whole lot more.
Among them, PayPal has long stood out as one of the most iconic names in this space. There are a lot of things people can use PayPal for these days. It’s a great tool for paying online, it’s one of the most common ways to send/receive money, and it recently started pushing into the crypto niche. As PayPal’s added new features and expanded its portfolio, however, the app itself hasn’t changed all that much.
Thankfully, that day has finally come. After teasing a major redesign earlier this year, PayPal unveiled its new app on Tuesday, September 21. Simply referred to as “the new PayPal app,” one of the most notable changes is the redesigned interface. The PayPal home screen now shows a better overview of someone’s entire account activity — including their PayPal balance, available rewards, recent activity, etc. Users now navigate through the different sections using a bottom navigation bar, including options for crypto trading, sending money to other users, finding deals, and viewing all of the cards and rewards in someone’s virtual PayPal wallet.
All The New Features In This PayPal App Update
In addition to the revamped app interface, this PayPal update also comes with a host of new features — one of which is PayPal Savings. As the name implies, this is PayPal’s take on a virtual savings account. Powered by Synchrony Bank, PayPal Savings allows users to park their money in the account and earn a 0.40 percent APY (less than some competing financial apps, but still six times higher than the current national average). The account also has no monthly fees and doesn’t require any minimum balance to open.
Along with the savings account, PayPal’s also upgrading the experience for folks who keep their funds in their PayPal spending balance. Here, PayPal’s introducing direct deposit support, the ability to receive said direct deposit up to two days early, and a Bill Pay feature that allows users to view and pay bills from “thousands” of utility, internet, credit card, and other companies.
And, last but certainly not least, PayPal’s adding an in-app shopping experience with exclusive deals and rewards. Some current offers include 10 percent off at Goodyear Tire, $5 off at Grove Collaborative, and $100 off a purchase of $500 or more through Lenovo. Later on down the road, PayPal says it’ll add a loyalty program that gives shoppers additional rewards on “eligible purchases completed with PayPal.”
Overall, these all look like solid updates for PayPal. Even if someone isn’t interested in the savings account or improved direct deposit, PayPal’s done a good job cleaning up its interface and making the app more approachable. Whether or not that’s enough for PayPal to keep competing with the countless other finance apps remains to be seen, but this certainly is a valiant effort.