PayPal is updating its cell app with a brand new visible design, assist for a high-yield financial savings account, and a option to discover coupons in-app. In the previous, the corporate prioritized sending and receiving cash and cryptocurrencies, however its new app is attempting to be a bit little bit of all the pieces to everybody, and it’s obtainable in the present day.

The instantly noticeable change is a visible one. The outdated payment-focused PayPal app put sending and receiving cash on the forefront, along with your account stability the very first thing you see while you open the app. The PayPal app’s new “homepage” is a dashboard of types with fast entry to your stability, the quantity of crypto you personal, and your frequent contacts. It types different choices beneath devoted tabs and hubs.

Direct deposit and options like PayPal’s credit score and debit playing cards are beneath the pockets tab. The funds hub the place you’ll discover peer-to-peer funds, invoice pay, charitable donations, and messaging. The purchasing tab retains monitor of coupons and loyalty applications. And lastly, the finance tab options cryptocurrencies and the brand new high-yield financial savings account.

Image: PayPal

In phrases of recent options, rolling out a financial savings account is a notable one. The computerized money-saving app Digit added banking in beta earlier this yr, however PayPal has much more attain. This new PayPal app helps direct deposit — with the choice to obtain deposits two days early — and save the cash you add to a PayPal Savings account. PayPal says its accounts will include an annual proportion yield (APY) of 0.40 % and no minimal stability or month-to-month charges. PayPal can be including entry to invoice pay, so you’ll be able to arrange computerized funds to service suppliers and use “eligible funding sources” out of your PayPal pockets to pay them. PayPal hasn’t shared what steps it’s good to take to open a financial savings account, and when requested, referred us to the options listed above.

Image: PayPal

PayPal can be emphasizing coupons and in-store reductions with a brand new devoted purchasing hub. “Shoppers will be presented with discounts and offers on hundreds of popular brands,” PayPal says, and together with the flexibility to “shop through the in-app browser.” Those financial savings lengthen outdoors of PayPal as effectively. You can clip coupons to be used wherever PayPal is a cost choice on-line. PayPal can be engaged on a loyalty program that provides cashback and “shopping credit” on eligible purchases made with PayPal. The addition of coupons is much like the one Google made with Google Pay final yr.

PayPal’s new app is jam-packed with options, to the purpose that there’s a very good probability that not everybody goes to make use of and even concentrate on all of them. A extra centered strategy would most likely be higher for the common person, however the brand new PayPal app appears simply as centered on making informal customers reliant on extra PayPal options as it’s pleasing energy customers.

The new Paypal app is on the market in the present day. PayPal Savings accounts are coming later this yr.