PayPal is one of the largest digital payments services providers in the world. The USA-based company has been known and favoured by freelancers and international entrepreneurs around the globe. With PayPal, users can send money from one part of the world to another from the comfort of their homes.
These days the online payments giant is going through a major transitional period due to the ongoing cryptocurrencies trading. In July this year, the company representatives told the media about the launch of a new super application for their users. This new application is going to be able to combine both crypto and non-crypto-based payment with a single wallet address and account.
Savings Account Facility
CEO Dan Schulman recently shared an update on the development and launch of the new super application by PayPal. He told the media that in the beginning, the application was going to be available for the consumers in the United States only. He also announced the partnership of PayPal with Synchrony Bank for adding the high yield savings accounts.
A high yield savings account usually claims to pay 20%-25% more in comparison to the traditional and central financial custodians. PayPal CEO revealed that the users would be able to earn 0.40% yield per annum on with their savings. The users will also have the option to withdraw their yield income to their main account and use it for purchases.
PayPal authorities have told media that the new super application is going to be filled with many new features such as rebate, custody, cashback, bill payments, online money transfers, remittances, and even direct deposits. All of these services are going to be effective for both crypto and fiat currencies.
PayPal has recently introduced crypto trading services in the United Kingdom. The payments giant is also planning to integrate features like QR code-based payments as well. The biggest transition in the super application is going to be the option of crypto and forex trading for users all over the world.