PayPal has launched its new 'intelligent digital wallet' with features including BNPL and two-way messaging.
PayPal has announced the launch of its new app which was developed to create a 'unique wallet experience' for each PayPal customer.
Powered by 'advanced artificial intelligence and machine learning', the app aims to provide customers with an 'enhanced experience' of personal financial management.
Aiming to 'streamline' everyday digital financial endeavours, the app is made up of three main features: the dashboard, the payments hub, and the new wallet.
Specific features of the app include buy now, pay later (BNPL) access and management; a two-way messaging feature; the ability to pay for purchases using a QR code; and its known-for ability to send and receive money.
PayPal launched its BNPL offering 'Pay in 4' earlier this year, but has only just launched its new messaging feature. It's set to roll out in the next few weeks.
The private messaging feature allows customers to communicate during peer-to-peer transactions, whether to acknowledge receipt of payment, say thanks, confirm details, or more, according to PayPal.
This is set to 'enhance' the payment transfer feature's functionality, and can be used in both personal and business transactions.
There is also a new fundraising capability expected to launch in the coming months, first in the UK and Germany and then into other markets.
According to PayPal, the 'Generosity Network' will connect customers with millions of people who can help them raise money for charity within the app.
As of yesterday, the new PayPal app is open to customers.
A PayPal spokesperson said that PayPal is 'committed' to providing new ways for customers to manage their finances.
"We look forward to continually evaluating our products and features in each market to provide the best experience for our customers," a PayPal spokesperson told Savings.com.au.