Introducing the new PayPal app with two-day early access Direct Deposit & bill pay

Amber Alexandria
New PayPal AppPayPal Holdings, Inc.

PayPal recently announced the release of the new PayPal app. The new app introduces new features including PayPal Savings, a new high yield savings account provided by Synchrony Bank. The new app also includes new in-app shopping tools that will allow customers to earn rewards redeemable for PayPal shopping credit or cash back.

The new app also offers customers a single location to manage their bill payments as well as the ability to get paid up to two days earlier with the new Direct Deposit feature provided through one of their bank partners.

"We're excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives, with new features like access to high yield savings, in-app shopping tools for customers to find deals and earn cash back rewards, early access Direct Deposit, and bill pay," said Dan Schulman, president and CEO of PayPal. "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."

Other features inside the new PayPal app include earning rewards, managing gift cards, the ability to send and receive money to friends, family and businesses as well as paying with QR codes for purchases. This app includes buy, hold and sell crypto options for investors and Buy Now, Pay Later services.

Personalized dashboards are included in the PayPal app and a wallet tab to manage payment instruments and Direct Deposit. There is also a two-way messaging feature to send notes of acknowledgement after peer-to-peer transactions.

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