PayPal introduced a new version of its app Tuesday that it said would give users more ways to manage their money, including a savings account and early access to their pay.
The rollout follows CEO Dan Schulman saying early this year that PayPal planned to build a "super app" that would combine different apps "into a connected ecosystem where you can streamline and control data and information between those apps, between the act of shopping, the act of paying for that."
PayPal is adding a host of new capabilities to its app, which users had mainly used for a handful of tasks, including sending and receiving funds, setting up direct deposit accounts and buying, holding and selling crypto.
The new app would enable customers to perform more financial tasks, including setting up a savings account through its partner Synchrony Bank, shop, pay their bills, send money to charities and causes, and receive their pay up to two days earlier.
Wedbush analyst Moshe Katri said the company's "long anticipated launch of its super app" is "another important milestone in the company's ongoing monetization strategy of both sides of its consumer/merchant platforms."