I am not certain exactly when an app evolves from being a “regular” app to a “super” app, but from today’s announcement, PayPal appears to have achieved super status. It is not like the apps found in Asia that have hundreds of mini applications for every aspect of work and home life, but it is chock full of features.
The new app brings together PayPal’s banking and money movement capabilities such as cross border remittance, person-to-person capabilities, and crypto solutions with shopping features like the ability to make purchases with a QR code, fund it through its Buy Now Pay Later option, and find deals through Honey.
PayPal has also launched several new features offered through its banking and technology partners like the ability to receive direct deposit (Bancorp Bank), set aside funds in a savings account (Syncrony), and pay bills (Paymentus). While all of these features will still exist on a standalone basis, the app brings all the functions together through the app’s dashboard with the opportunity to help consumer to achieve better control of their financial activities. Very super indeed.
Here’s further description of what is included in the app from their press release:
The new PayPal app will introduce new features including PayPal Savings, a new high yield savings account provided by Synchrony Bank, alongside new in-app shopping tools that will enable customers to earn rewards redeemable for cash back or PayPal shopping credit and uncover deals with hundreds of merchants.
Additionally, the new app offers PayPal customers a single place to manage their bill payments, get paid up to two days earlier with the new Direct Deposit feature provided through one of our bank partners, earn rewards and manage gift cards, send and receive money to friends, family and businesses, pay with QR codes for purchases and redeem rewards in-store, access and manage credit, Buy Now, Pay Later services, buy, hold and sell crypto, as well as support causes and charities they care about.
The new app includes a personalized dashboard of a customer’s PayPal account, a wallet tab to manage payment instruments and Direct Deposit, a finance tab that includes access to high yield savings and crypto capabilities, and a payments hub that includes send and receive money features, international remittances, charitable and non-profit giving, bill pay, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
