Last week PayPal launches its long awaited “super app”.
In Brief:
The app offers a combination of financial tools including direct deposits, bill payments and peer-to-peer payments.
It also includes a digital wallet and crypto capabilities.
PayPal has also partnered with Synchrony Bank to offer PayPal Savings.
What does this mean?
PayPal has, through this new app, shifted from being payments based to offering a wider range of financial services products. Part of this will mean that it will offer PayPal the chance to try out neobanks such as Chime or Varo.
