Online payment giant PayPal has announced a new app offering multiple financial services previously foreign to the platform – including “crypto capabilities.”
As reported by Newswire, the new app will introduce the ‘PayPal Savings’ service in partnership with synchrony bank, a savings account that offers APY rates of 0.4% with no monthly fees or minimum necessary balance.
While this is still well below rates offered by many centralized and decentralized crypto lending services, it still dwarfs the national average interest rate of 0.06%. Additionally, the service also promised it had the necessary regulatory acceptance and oversight that cryptocurrency-based institutions often don’t.
Other new features include managing gift cards, paying with QR codes, and accessing credit all from within the same app. Notably, it will even offer the ability to “buy, hold, and sell crypto” and “a finance tab that includes access to high yield savings and crypto capabilities.”
This suggests that the app will have the basic functionality of a crypto wallet. It could grant access to cryptocurrency to PayPal’s over 400 million consumers while familiarizing them with the technology.
