PayPal, the payment processor, has been trying its best to engage its users with a diverse financial profile that includes the crypto industry. Recently it added cryptocurrencies such as Bitcoin and Ether into the mix and has been offering support for their withholding, trade, and savings for the users. The whole thing was first ruled out in the US, and after a successful launch, PayPal decided to move with its UK customers. The new consumer app, according to the CEO of PayPal, Dan Schulman, is built in such a way that it offers all kinds of services around cryptocurrencies. If someone has to deposit crypto, withhold it for some time, or get into a savings account for the crypto savings, then they can do all of that with their digital consumer app.
The Super app, after a lot of development and testing, has now finally reached a point where it is ready for a global rollout. It doesn’t mean that the casual PayPal app is going to limit the exposure of customers to the crypto services, but the Super app, on the other hand, is specifically built for this purpose. Using this app, customers will be able to access all different digital and financial features and products offered by people.
PayPal’s Super App
As for the savings account, PayPal has announced its partnership with Synchrony online bank, which will be providing high yield savings account for those who are interested in these kinds of financial products. One would think that with little to no competition within the market in relation to crypto products and financial offerings, the annual yield of the savings would be pretty high.
But this is not the case with PayPal as it is only willing to offer a 0.40% annual percentage yield on whatever figure people choose to place within their savings account. But there is a great catch to this savings offering, customers will be able to withdraw all of their earnings from the savings account into their main PayPal account, and they can use it; however, the conversions from fiat to crypto or crypto to fiat doesn’t cost anything till now.