PayPal announced the launch of a new application that can meet all the digital payment needs of its customers from a single point.
PayPal CEO Dan Schulman announced in July that the company’s super app is ready to launch in the US.
According to Tuesday’s announcement, PayPal’s new app will allow users to access all of the company’s digital financial products.
The new app covers crypto and non-crypto uses and includes a wallet tab for managing cryptocurrency payments and high-performance savings.
PayPal has partnered with online bank Synchrony Bank to offer a high-yield savings account through the new app, according to the announcement.
The digital payments giant announced that with the new app, customers can earn up to 0.40 percent annual interest income on their savings.
Customers will also be able to transfer money from their savings account to their PayPal account to use for online purchases.
Other features included in the new app include bill payments, refund, and direct deposit. PayPal stated that thanks to its direct deposit feature, customers can receive their payments two days earlier.
PayPal has announced that it plans to add new features to the app in the coming months, such as offline QR code payment and different investment features.