As it continues to move beyond its core payments services, the firm has redesigned the app in an effort to offer "customers the best place to manage their financial lives," says a statement.

PayPal has joined forces with Synchrony Bank on a high yield savings account with a 0.40% annual percentage yield with no minimum balance or monthly fees.

Additionally, the new app offers customers a single place to manage their bill payments, get paid up to two days earlier with a new Direct Deposit feature, earn rewards and manage gift cards, send and receive money to friends, family and businesses, pay with QR codes for purchases and redeem rewards in-store, access and manage credit, BNPL services, buy, hold and sell crypto, as well as give to charities.

Users see a personalised dashboard of their account, a wallet tab to manage payment instruments and Direct Deposit, a finance tab that includes access to the savings and crypto capabilities, and a payments hub.

The new shopping tools help customers discover exclusive deals, make purchases and earn rewards within the app. Shoppers will be presented with discounts and will be able to shop through the in-app browser. They can also save deals to their wallet for future use when they checkout with PayPal in the app or online.

A private two-way messaging feature enables two users to communicate after they have conducted a P2P money transfer, so that they can acknowledge receipt, send a note of thanks or confirm details of the transaction.

Dan Schulman, CEO, PayPal, says: "Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and removes the complexity of having to manage multiple financial or shopping apps, remember different passwords and track loyalty rewards."