Efppa

Main Menu

  • Home
  • Factor-Saving
  • Financial Account
  • Financial Strategy
  • Individual Retirement Account
  • Bankroll

Efppa

Header Banner

Efppa

  • Home
  • Factor-Saving
  • Financial Account
  • Financial Strategy
  • Individual Retirement Account
  • Bankroll
Financial Account
Home›Financial Account›PayPal to offer high yield savings account as part of app redesign

PayPal to offer high yield savings account as part of app redesign

By Roy Logan
September 21, 2021
0
0


Breadcrumb Links

  1. PF Finances
  2. FinTech

The account is expected to offer an annual percentage return of 0.4% when it debuts in the coming months.

Author of the article:

Bloomberg News

Jenny surane

At 0.4 percent, the yield on PayPal's new savings account is more than six times the national average.
At 0.4 percent, the yield on PayPal’s new savings account is more than six times the national average. Photo by Thomas White / Reuters files

Content of the article

PayPal Holdings Inc. will join the multitude of companies offering a high-yield savings account in a major overhaul of the fintech giant’s app.

Content of the article

The account, which will be provided by Synchrony Financial, is expected to offer an annual percentage return of 0.4% when it launches in the coming months, PayPal said in a statement Tuesday. The company will also add new shopping tools and give users the ability to message each other after peer-to-peer payments made on its site.

PayPal has been working on new features for its app as part of its efforts to move from a simple online payment button to a one-stop-shop for consumers’ financial needs. In the coming quarters, the payments giant said it also plans to add investment capabilities and other ways to use its services to pay in stores.

“The past 12 to 18 months have been among the most productive in terms of product pace in company history,” said Julian King, senior vice president of PayPal Consumer, in an interview. “We should expect to continue this pace of innovation.”

Content of the article

  1. The PayPal logo on an iPhone.

    Dan Schulman of PayPal on seizing opportunities in digital payments

  2. Buy-it-now and pay-later programs have become especially popular among Gen Z and Millennial buyers who may be skeptical of credit cards and prefer fast, cheap payments with no interest charges. and with minimal credit checks.

    Buy now, pay later seen as a growing competitor to debit cards

  3. TD, CIBC and BMO banking buildings in the financial district of Toronto, June 24, 2020.

    Big Six are bursting with capital, look to U.S. and fintech sectors for potential acquisitions

At 0.4 percent, the yield on PayPal’s new savings account is more than six times the national average. Still, that’s less than the rates offered by other popular high-yield savings accounts at Goldman Sachs Group Inc. or LendingClub Corp., according to Bankrate.

As part of the changes to its app, PayPal will also improve its offerings that allow customers to pay various bills, including those from utilities, television and internet providers, insurers, and credit card companies. Some of the new shopping tools will also allow users to browse discounts and buy from different retailers right in the app.

PayPal is ultimately betting that it can represent a larger part of consumers’ lives than Amazon.com, Google, or Facebook Inc. – like Alipay or WeChat in China, Paytm in India, or Grab in Singapore. Yet the United States is full of banking giants and tech companies that have tried and failed to accomplish what PayPal wants to do.

“I think there are few companies in the world that can even aspire to this vision,” CEO Dan Schulman told investors in February. “We can be that business. “

Bloomberg.com


Related posts:

  1. College pupil governments urge lawmakers to prioritize monetary help funding
  2. How ought to I make investments future stimulus checks?
  3. 10 greatest worth goal modifications for Friday
  4. 5 indicators you are prepared in your first social safety test
Tagssavings accountunited states

Recent Posts

  • Geely Automotive Sees H1 2022 Revenue Increase 29% YoY
  • US States Where Your Retirement Dollars Go Further
  • First Fidelity Guarantee, Beavercreek, OH, explains Individual Retirement Accounts (IRAs) and their importance in retirement
  • Financial efficiency accelerates with AI Inside
  • IQ Financial Advisor – Content Page

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021

Categories

  • Bankroll
  • Factor-Saving
  • Financial Account
  • Financial Strategy
  • Individual Retirement Account (IRA)
  • Terms and Conditions
  • Privacy Policy