PayPal is on its way to becoming a bank, and it would soon bring the said features to the payment application, which is now widely used worldwide to settle online or in-store fees. Its latest update shows how the application can be used for different functions and features, something which expands more of the company as it currently is.

PayPal On its Way to Become a Bank in Latest Update

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PayPal cryptocurrencies allowed on the app

What PayPal wants to debut on this latest update is to become the "one-stop-shop" application for all financial needs of the person--from shopping to other digital payment transactions--PayPal is the app to be used.

According to the company's press release, the financial application is on its way to becoming the all-in-one financial application to be used today.

This update entails the arrival of new features and functions that would assist people in their daily needs when using the app, especially the assistance that it would provide for those who need it. PayPal aims to provide additional assistance and rewards for users as they use the application more for intended uses.

Several of the features that PayPal brings to the table are slowly putting it closer to becoming a bank, something the company aims to achieve sometime in the future. According to The Verge, PayPal is in the works of soon bringing that for the public's use.

Furthermore, it aims to become one of the top financial tech company providers in the US, being a choice with regards to groceries, shopping, cryptocurrencies, and more.

Read Also: PayPal Users in the U.K. Will Soon be Able to Buy, Sell, and Hold Crypto in the App

PayPal Update: Features and New Functions

The company has partnered with Synchrony Bank for a high yield savings option, something which is a massive step for PayPal coming from its roots as a payment channel. Moreover, people would have more perks and rewards that their users can use to get discounts or cash backs when paying using the app.

The application would be an all-in-one channel, which works not only for supported channels or stores but also for most transactions. PayPal is also focusing on widening its services, something which the company has been doing for a long time now.

Other features include Direct Deposit with partner banks via the app, a new dashboard, a wallet tab for all cards and linked accounts, sending and receiving the money to friends or family, a cryptocurrency trading capability, and more.

Digital Bank for PayPal?

From being or Zip2 when Elon Musk first started it to becoming one of the most trusted and popular applications in the world, PayPal is here to help and provide a payment method for all. Now, PayPal has Venmo and accepts cryptocurrencies on its transactions, and has it available for platforms that trade crypto.

PayPal may not plan it, but soon it would be providing services as much as other banks present, something which its millions of users would enjoy with the app.

Related Article: PayPal Could be Preparing to Take Robinhood Head On

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Written by Isaiah Richard

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