New PayPal features
According to Newswire, the new application will introduce the “PayPal Savings” service in cooperation with a synchronous bank. This is a savings account that offers APY rates of 0.4% without monthly fees or the minimum required balance.
Although still well below the rates offered by many centralized and decentralized services in the cryptocurrency world, this figure still exceeds the national average interest rate of 0.06%. In addition, the service has promised to have the necessary regulatory acceptance and oversight, which cryptocurrency institutions often do not have.
Other useful features and crypto wallet
Other new features include gift card management, payment via QR codes and access to credit from the same application. It even offers the ability to buy, hold and sell cryptocurrencies, and then also a finance tab that includes access to high-yield savings and other options in cryptocurrencies.
This indicates that the application will have the basic functions of a crypto wallet. This could provide access to cryptocurrencies to more than 400 million PayPal consumers while familiarizing them with the technology.
Dan Schulman, CEO of PayPal, sees the new application as a “single destination” for consumers to control their finances:
“Our new application offers customers a simplified, secure, and customized environment that builds on our trust and security platform and eliminates the complexity of having to manage multiple financial or purchasing applications, remember different passwords, and track loyalty rewards.”
PayPal in the world of cryptocurrencies
Given PayPal’s recent activity in the cryptocurrency space, the introduction of this new service is no surprise. CEO Schulman has indicated that a new “super application wallet” with “more cryptocurrencies” will be introduced early last month, along with the above-mentioned high-yield savings opportunities.
A few days ago, PayPal also announced that its customers in the UK could buy, sell and store cryptocurrencies directly from their accounts. Eligible digital assets include BTC, Bitcoin Cash, ETH and Litecoin.
The launch of the app is already underway, but its new tools for saving and buying cryptocurrencies will not arrive for US citizens in a few months. It’s been a long time, but we’re definitely looking forward to it.