PayPal Launches Its 'Super App' Combining Payments, Savings, Bill Pay, Crypto, Shopping and More (techcrunch.com) 24
PayPal has been talking about its "super app" plans for some time, having recently told investors its upcoming digital wallet and payments app had been given a go for launch. Today, the first version of that app is officially being introduced, offering a combination of financial tools including direct deposit, bill pay, a digital wallet, peer-to-peer payments, shopping tools, crypto capabilities and more. From a report: The company is also announcing its partnership with Synchrony Bank for its new high-yield savings account, PayPal Savings. These changes shift PayPal from being largely a payments utility that's tacked on other offerings here and there, to being a more fully fleshed out finance app. Though PayPal itself doesn't aim to be a "bank," the new app offers a range of competitive features for those considering shifting their finances to neobanks, like Chime or Varo, as it will now also include support for paycheck Direct Deposits through PayPal's bank partners with two-day early access, bill pay and more.
Say the Quiet Part (Score:3)
PayPal itself doesn't aim to be regulated as a "bank."
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PayPal (Europe) S.à r.l. et Cie, S.C.A. is a credit institution (or bank) authorised and supervised by Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (or CSSF). CSSF’s registered office: 283, route d’Arlon, L-1150 Luxembourg.
From their website.
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Thank you. I am now slightly less of a moron.
Is PayPal (Europe) the PayPal Corporate Headquarters, 2211 North First Street, San Jose, California 95131 location or the PayPal Worldwide Operations, 12312 Port Grace Boulevard, La Vista, Nebraska 68128 location? Maybe I'll ask Google, "Is PayPal a bank?" [forbes.com].
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Important (Score:3)
PayPal itself doesn't aim to be regulated as a "bank."
And that's the important part.
If you have a problem with a local bank, you can go to a branch and talk to a real person. You and they can find the source of the problem and get it resolved. They are regulated and your deposits are insured, you can take them to court if they violate any rules. Absent criminal activity on your part, it is highly unlikely that you will lose the money you put into a bank.
PayPal used to lock accounts on a whim, not tell people the accounts were locked until *after* a transaction
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Well, there's all of that of course, plus add in that they've been repeatedly hacked and had their entire customer database show up for sale. Smartest thing Musk ever did was sell his share to PayPal.
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share OF PayPal.
Re: Important (Score:2)
Problem is you have to install it in a phone booth (Score:2)
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I for one.... (Score:2, Funny)
But is it going to add customer support? (Score:2)
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"i dare someone to try to speak to a human and discuss your account."
I live 4 miles from their bank-office in Luxembourg, I still could go there with a pitchfork and a torch.
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Thanks for the warning, I had no idea Venmo was a PayPal asset either.
Re: But is it going to add customer support? (Score:2)
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Our credit union uses Zelle, and it works fine. We also use Xoom for international transfers and haven't had a problem.
Now cancelling accounts and stealing your money (Score:3)
With so many new features.
If it looks like a bank, walks like a bank, why doesn't get regulated like a bank?
Single Point of Failure (Score:2)
And remember, whatever happens, it's not their problem.
Not even with a 5ft pole (Score:2)
You'd have to be insane (Score:2)
You'd have to be insane to install this buffet of pure crap on your phone.
Is it secure? I bet $10,000 it isn't, and because it's from PayPal it's already halfway to being malware.
Super App! (Score:2)
Good job Paypal, you done fucked up.