PayPal Will Add a Saving Account
PayPal is no longer just an e-payment system. It’s taking a major step towards becoming a mobile bank by offering Savings account.
PayPal’s app is getting overhauled. Apart from regular money wiring and crypto-wallets, you’ll also be able to access discount coupons and open a savings account.
Now, PayPal will allow you depositing money directly in a savings account — that ease and simplicity is the courtesy of Synchrony Bank.
The yearly percentage added to your deposit will be 0.40%. Plus, the account won’t charge a service fee and sets no “minimum deposit” barriers. What’s also helpful is that the app will let you automate your bill payments.
To fine-tune the process, you will need to set a list of services who will receive the payments — an electricity company, your cable/internet provider, milkman, etc. Then, simply choose from which account/wallet the money will be withdrawn, and the job is done.
Coupons will be another major gimmick. Via the app, you’ll receive special offerings and exclusive discounts, which can be claimed in any online store, shop or boutique where PayPal is accepted.
To make things easier, PayPal will offer quick shopping right in the app. But coupons aren’t exclusively connected to it. At the same time, a bonus program is in the development stage — it will reward fervent and loyal PayPal shoppers with even more perks such as shopping credit.
The app’s design got a bit of reimagining as well. The new interface reminds of a dashboard, in which you can switch from one tab to another smoothly. Account balance, transaction history, crypto-wallet, contact list — easily scroll, tap and do what you need.
We Gon’ Save Dat Money
As PayPal’s turning into a bank, it seems other payment services may repeat its path. Which banking organization would you trust more: the one from real life or its rival from the digital space? Let us know in the comments!