PayPal is an internet payment service that we can consider as the dean of the entire fintech sector because it was among the first to see that this type of service was going to be of capital importance in the new digital economy that we enjoy today. That happened almost 20 years ago so the success of its founders (Peter Thiel and company) was more than evident.
PayPal, thanks to being at the right time, has become such an accepted payment option that millions of web pages turn to it, offering it at the same level of relevance as that of VISA or MasterCard cards, and closely linked to platforms of buying and selling like eBay, where millions of transactions take place every year.
The app transforms
The fact is that PayPal has decided to go one step further and practically completely transform its mobile phone application, adding functionalities that also have to do with the banking sector, money, savings, and of course, purchases. Although it maintains that of paying in online establishments or sending and receiving money only with the user’s email, North Americans have been forced to accommodate a phenomenon that will continue to grow and become popular in the coming years: cryptocurrencies.
That is why with the update that is coming we will have the opportunity to operate with cryptocurrencies of any type by buying, selling, or storing them within its wallet function. That is, we can use PayPal to take our first steps within a segment that has dozens of alternatives to invest in and, in many cases, using them as a payment method. This is the case of Bitcoins, Ethereum, etc.
Another novelty that will surely be limited to the United States, for now, is the so-called PayPal Savings that will allow users to save money and keep it within a specific account, although with the ease of the platform to dispose of the money at any time, transfer it to other accounts and even collect amounts entered two days before they become effective. Moreover, another of the functions has to do with the payment of invoices and receipts from service companies, so it is more than evident that PayPal has decided to start competing, too, with traditional entities.
The new app is a smart digital wallet that uses PayPal’s artificial intelligence and machine learning technology to create a unique experience tailored to each customer.
Below is a list of updates the new PayPal application includes:
- Control panel: the new control panel of the PayPal app offers a personalized view of the customer’s PayPal account and the functions that they already use, and also allows the use of the new functions of the app. With the new dashboard, customers can also take quick actions and view reminders.
- Payment Center: The new Payment Hub includes functions for sending and receiving money, international transfers, and donations to charities and non-profit institutions.
- New Digital Wallet: The new Wallet tab allows PayPal customers to manage payment tools from a centralized place, as well as review recent payments made and account activity.
- Payments with messages: The new PayPal application also includes a new two-way private messaging function that will allow two users to communicate after having made a money transfer, either to acknowledge receipt, send a thank you note, or confirm the details of the transaction (among other functions ). Over the next several weeks, international customers will also be able to use the messaging feature.
On the other hand, the app will be compatible with the PayPal Generosity Network, a service offered by the payment gateway with which you can create a fundraiser for a good cause.
With this launch, the firm wants to compete with services to make small instant payments between users, such as Bizum. The new PayPal application will gradually become available to users.