By Shelly Melancon (Switzerland)
To make crypto deposits convenient, payment service provider PayPal has released a new and efficient all-inclusive app that allows users to manage their crypto transactions from one place. Users can facilitate digital payments and access all the company’s digital products with just one click. The new app was released on Tuesday, September 21, about four days after the corporation launched its first virtual currency trading platform for its users in the U.K.
The release of PayPal’s new app was mentioned in July when the company’s Executive Dan Schulman revealed that it was prepared to roll out the “super app” in the U.S in the coming months. The CEO stated that the app wallet code was ready but would be fully revamped before its official launch in the United States.
New App Will Be Accessible to All Users
According to the payment giant, the “super app” is accessible to crypto and non-digital asset users and has a wallet section for managing virtual currency payments and savings. Speaking of savings, PayPal also announced a partnership with Synchrony Bank to allow account holders to create a yielding savings account via the newly released app. PayPal said that customers could receive a small percentage yield annually on their accounts and would be able to cash out into their PayPal balance for online shopping.
Also read:Apart from creating a savings account and making direct cryptocurrency deposits, the app enables customers to pay bills, have cashbacks, and deposit fiat currencies directly. With the fiat deposits, customers will now receive payments at a shorter time.
PayPal Plans to Add New Features to the App
The payment service provider also revealed its plans to upgrade the app by including important features. Amongst the features, PayPal plans to integrate are an offline QR code payment, investment opportunities, etc. It remains unclear when the company will be adding the new features.
As of June, PayPal reportedly had about 400 million active users, with over $311B in the total volume of transactions for Q2, 2021. Its crypto trading platform, Venmo, reported that it recorded about $58B in transaction volume, with close to 80 million active customers.
The “super app” will facilitate crypto deposits, and with PayPal increasing the limit on crypto purchases for specific users, customers can make more crypto purchases. Schulman maintains that digital payments will become the mainstay in December last year, and the time was right for conventional industries to adopt cryptocurrency.
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