PayPal launches revamped financial ‘super app’

PayPal unveiled a new version of its app this week, which incorporates a host of new features that position itself to compete with neobanks.

Why should we care?
The new app includes features such as direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, and crypto capabilities. PayPal also plans to roll out a savings account in partnership with Synchrony Bank, and the app brings together a host of other PayPal product offerings in one place. These include peer-to-peer payments, international money transfers, and charitable giving. Meanwhile, the bill payment capability includes a two-way messaging tool that allows users to request payments or thank payers upon receipt of funds. In addition, a shopping hub (powered by the tools from PayPal’s Honey acquisition) will let users search for discounts and offers. “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,” Dan Schulman, president and CEO of PayPal said in a statement.