New features in the app are a savings account (PayPal Savings) provided by Synchrony Bank; and tools that will enable shoppers to earn rewards for cash back or PayPal shopping credit.
The interest rate on the bank accounts will be 0.4%.
The new app also offers a single place to:
· manage bill payments;
· get paid up to two days earlier with direct deposit;
· send and receive money, pay with QR codes, and,
· access and manage credit, buy-now-pay-later services; buy, hold and sell cryptocurrency; and support charities.
The "all-in-one" app enables customers to “manage their financial lives,” the San Jose, Calif., company said in a statement.
The new app starts rolling out Tuesday, and PayPal Savings, new shopping tools and rewards are due in coming months.
The company’s stock recently traded at $272.10, up 0.8%.
PayPal hopes to enable investing on its app soon. “In the coming quarters, PayPal plans to add new features and enhancements to the app, including investment capabilities and more ways to pay with the app online and in-store,” it said.
Morningstar analyst Brett Horn puts fair value for PayPal at $147.
“In the near term, few payments companies are as well-positioned as PayPal,” he wrote last month.
“Longer term, though, the picture is less clear, and we see a mix of competitive opportunities and threats that create a fairly wide range of outcomes.”