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PayPal Announces Consumer App For Crypto, Direct Deposits, & Savings

Virtual payments titan PayPal has recently announced the inauguration of a new application set to be an all-in-one shop for a majority of, if not all of the virtual payment needs of the corporation’s clients.

As previously reported by a source, Dan Schulman, the CEO of PayPal, had revealed earlier in July that the corporation’s super application was all set for a release in the US.

As reported by a release posted this Tuesday, the newly launched PayPal application will allow consumers to gain access to all of the firm’s virtual financial products.

The application includes both cryptocurrencies as well as non-crypto currency use cases along with a wallet tab for users to manage crypto payments and high yield savings.

The PayPal notice also mentioned a collaboration with virtual bank Synchrony Bank to offer its users high yield savings account through the new application.

As part of the notice, the company disclosed that clients would be receiving up to 0.40 percent APY (or annual percentage yield) on their savings with the new application.

The app will also enable users to transfer their revenue from the savings account to their PayPal balance so they can utilize it for shopping online.

The other upcoming features announced include rebates, cashback, bill payments, along direct deposits. The final feature mentioned will, as reports state, allow users to receive their payments two days prior.

The payment platform also stated that it has plans to keep adding more features to the application in the next months to come. Those features include QR code payment (offline) along with investment capabilities. Earlier in August, a source reported that PayPal was considering venturing into the retail stock trading industry.

The revelation of the new customer application comes just a few days following the company’s debut in cryptocurrency trading for consumers based in the UK.

Schulman has claimed in the past that virtual payments will continue to evolve, even more, asserting last year in December that it was the right time for the mainstream adoption of virtual currencies.

The CEO had also acknowledged problems associated with the regulation of cryptocurrency. He called on the industry to collaborate in-depth with financial authorities in order to assign more utilitarian characteristics to cryptocurrency. He argued that the only way to approach such an issue was to work shoulder to shoulder with regulators.

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