Today, President and CEO of PayPal (PYPL) Dan Schulman announced the release of a next-generation PayPal app. The PayPal CEO stated that the app would include digital payments to improve customer satisfaction.

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The New Features on the PayPal’s New App

The Paypal CEO announced a new app that will help their customers to manage their finances better. This app has next-generation features such as a high yield savings account, in-app shopping tools, deals, and rewards.

As per PayPal’s newsroom, their customers will have the chance to manage their bill payments better, earn rewards and work on their gift cards. Their customers will also start paying for goods with QR codes in stores, access and manage credits, and purchase and sell cryptos.

Shoppers will have access to hundreds of discounted goods once they shop through the in-app browser. Customers will also have the chance to save good deals for future trades and earn a redeemable cash reward on the new loyalty program.

This app will have a personalized dashboard of a customer’s account and a finance tab that includes high yield savings and crypto trades. It also has a payment tab that provides send and receive money functionalities, charitable and non-profit giving, and international money transfer. It also features a new two-way messaging feature to send acknowledgement notes for p2p transactions. It also has a wallet tab to manage direct deposits and payment instruments.

Manage Your Funds Better With PayPal

Paypal has collaborated with Synchrony bank to offer their customers a competitive high yield interest rate to encourage a savings culture. With the average national savings account offering an interest rate of 0.06%, PayPal will give its customers a competitive 0.4% annual interest. Customers will also create savings goals, track their progress, and have an automatic transfer feature to assist in savings.

The new Direct Deposit feature will help the customers to add their paycheck to their PayPal account instantly. Additionally, the enhanced Bill pay feature offers a customer an easier way to view, track and pay bills to numerous companies. It will also let the customers set bill reminders and pay up the bill automatically from any source connected to the PayPal account.

Paypal crypto adoption is growing, too, since they first embedded cryptos into their platforms seven months ago. According to Reuters, PayPal customers will now send and receive cryptos through the new app or withdraw it to fiat currency for primary uses.

However, Paypal did not clarify when to expect this functionality to be fully operational. This step will surely pave the way for third-party crypto wallet development to promote crypto adoption in E-commerce.