In its latest effort to step its crypto services forward, PayPal has confirmed a new app feature that would allow its users manage their crypto assets alongside their bank accounts.
According to available information, PayPal partnered with Synchrony Bank to include a saving account feature in its app for its consumers. With this feature, users would be able to earn around 0.4 percent annually on their savings. The new app feature would also allow withdrawal of earnings in PayPal balance to ease shopping experience.
Other features of the app include its support of direct deposits, allowing customers to receive payments two days earlier. Others include bill payments, cashback, and rebates options. All digital payments and saving options can be assessed and processed on a single dashboard for simplicity with the app.
PayPal’s intends to use the new app to make its platform more robust in digital payment services and management. The financial tech giant is also looking inward to expand its digital services by launching QR scanning and investments. Also, it is considering offering retail stock trading.
According to PayPal CEO Dan Schulman, the fintech firm extensive client base will surge due to the digital payments option and more transactions can be performed in the future. He noted that the company’s decision to introduce crypto management on its platform would surely boost its revenue and profitability in the long run.