PayPal has been announcing for some time that it was working on an improved version of the app, which is now available for download. This new PayPal offers a range of financial tools that allow direct debit, bill payments or user-to-user transactions. It also includes a digital wallet, shopping facilities and elements to make operations with cryptocurrencies.
Paypal’s enhanced app enables direct debit, bill payment or user-to-user transactions
In addition to unveiling this new app, PayPal has announced that it has partnered with Synchrony Bank to develop a new savings account, Paypal Savings.
With these updates, PayPal goes from being a payment app to becoming a a financial app with a wide variety of services. And, although it is not really a bank, it is starting to position itself to offer very similar services. With the app’s new features, its users will be able to use the funds deposited in the app to pay bills, open a savings account or go shopping.
As for the bill payment feature, the company has closed agreements with hundreds of companies for them to support payments through the app. These companies come from different sectors: television, Internet connection, insurance, credit cards or phone lines. According to Paypal, there are already 17,000 users of the app who pay their bills through the app.
With the new PayPal, customers will be able to search through the app which companies offer this payment method. In addition, they will have the possibility of receiving notifications to remind them of invoices to be paid and schedule regular payments every month. These bills can be paid not only with funds deposited in PayPal, but also with funds deposited in other accounts linked to the app’s account.
It will also offer a personalized dashboard that allows the user to have data and information about their financial status. From this dashboard, PayPal customers will be able to manage their savings and move them between different accounts and credit or debit cards, previously linked.
Finally, you will also be able to access the buying and selling of Bitcoin, Ethereum, Bitcoin Cash and Litecoin cryptocurrencies.