PayPal has officially unveiled its much-anticipated “super wallet,” which incorporates “crypto capabilities.”
PayPal, the online payment behemoth, has launched a new app that will offer various financial services previously unavailable on the platform, including “crypto capabilities.”
New PayPal App Features
According to Newswire, the new app will feature the ‘PayPal Savings’ service in collaboration with synchrony bank. Savings account with 0.4 percent APY rates and no monthly fees or minimum balance requirements.
While this is still considerably below the rates of many centralized and decentralized crypto lending businesses, it surpasses the 0.06 percent national average interest rate. Furthermore, the business claimed to have the required governmental approval and control that cryptocurrency-based organizations sometimes lack.
Other new features include gift card management, QR code payment, and credit access, all from inside the same app. It will also have a financial tab that offers access to high return savings and crypto capabilities, as well as the option to buy, hold, and trade bitcoin.
This indicates that the app will include the fundamental features of a cryptocurrency wallet. It can provide PayPal’s 400 million customers access to cryptocurrencies while also familiarizing them with the technology.
PayPal CEO Dan Schulman envisions the new software as a “one-stop shop” for users to manage their finances:
“Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and removes the complexity of having to manage multiple financial or shopping apps, remember different passwords, and track loyalty rewards.”
PayPal’s Cryptocurrency Initiative
This new feature in the new app is unsurprising, given PayPal’s previous engagement in the bitcoin area. Early last month, CEO Schulman hinted at the launch of a new “super app wallet” with “other crypto capabilities,” in addition to the previously stated high-yield savings options.
According to a recent announcement, PayPal’s UK users may now purchase, trade, and store cryptocurrencies straight from their accounts. Users were then instructed to “watch for it on the PayPal app.” Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are all acceptable digital assets.
The app’s deployment is already underway, but its additional savings and shopping features will be available to US people in a few months.