PayPal Launches Its 'Super App' Combining Payments, Savings, Bill Pay, Crypto, Shopping and More

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

[BeerFartMoron]

PayPal itself doesn't aim to be regulated as a "bank."

Re:

[nospam007]

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.

Re:

[BeerFartMoron]

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].

Re:

[BeerFartMoron]

And likely the most informative link [wikipedia.org].

Important

[Okian Warrior]

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

Re:

[cusco]

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.

Re:

[cusco]

share OF PayPal.

Re: Important

[e3m4n]

If they did it never happened to me. I used to moonlight with sysadmin/programming work for small ITSPs. I did most of my invoices via PayPal and just spent the funds with their debit card. Maybe it was the nature of their dispute system that favored the buyer? Ebay is full of assholes looking to steal shit. Both sellers and buyers. Had a guy a few years ago sell some BTC and the assfuck buyer reversed charges in paypal after receiving the BTC. Friend was so pissed he spent a few grand to learn the guys ad

Problem is you have to install it in a phone booth

[jfdavis668]

It's a bird, it's a plane, it's super app!

Re:

[Anne Thwacks]

... Because Granny always told you to put all your eggs in one basket!

Re:

[S_Stout]

Superman only has a few phone booths left to change into now. Perhaps that's why crime keeps getting worse.

I for one....

[Joey Vegetables]

I for one welcome . . . umm . . . never mind, scratch that. :(

But is it going to add customer support?

[Kwirl]

i dare someone to try to speak to a human and discuss your account.

Re:

[nospam007]

"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.

Re:

[Kwirl]

13 years ago I sold someone some computer parts on Ebay. that person said 'they don't work'. i told them to ship them back and received a box of rocks. when i attempted to elevate the issue with paypal they banned my account, took about 1,700 dollars and have to this day refused to communicate anything beyond a generic form saying 'you violated our terms of service and we will never do business with you again.' i am still confused as to what happened but when i tried creating an account a few years lat

Re:

[cusco]

Thanks for the warning, I had no idea Venmo was a PayPal asset either.

Re: But is it going to add customer support?

[BytePusher]

Same. I'm looking for alternatives now. Looks like Zelle and Cash App are good options.

Re:

[cusco]

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

[bobstreo]

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

[qwerty shrdlu]

And remember, whatever happens, it's not their problem.

Not even with a 5ft pole

[bumblebees]

Not going anywhere near that company ever again.

You'd have to be insane

[JustAnotherOldGuy]

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!

[DarkRookie2]

Put so much garbage and ads in the app I cancelled my account.
Good job Paypal, you done fucked up.