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Fintech

Here’s What’s Inside PayPal’s Super App

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Fintech pioneer PayPal is rolling out a new mobile app today.

The company is adding a handful of features that bring it into “super app” territory, competing with the likes of WeChat, Alipay, and Paytm. PayPal’s app already offers a peer-to-peer payment tool, a mobile wallet, and a charity donation feature.

The new release, however, will offer more features and new banking capabilities. Here’s a rundown of what to expect:

  • PayPal Savings, a new, high-yield savings account provided in partnership with Synchrony Bank that pays 0.40% APY
  • In-app shopping tools that allow customers to discover and earn loyalty rewards
  • Billpay management tools that help users track, view, and pay their bills
  • A new Direct Deposit feature that fronts users their paycheck up to two days early
  • Rewards capabilities
  • Gift card management
  • Credit access
  • Buy Now, Pay Later services
  • Crypto purchasing, holding, and selling abilities

The app will show users a personalized dashboard of their account; a wallet tab to manage payments and direct deposits; a finance tab to access savings and crypto accounts; a payments tab that enables users to send and receive money, make a donation, and manage billpay; and a messaging feature built around peer-to-peer payments.

“We’re excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives, with new features like access to high yield savings, in-app shopping tools for customers to find deals and earn cash back rewards, early access Direct Deposit, and bill pay,” said PayPal CEO Dan Schulman. “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.”

What’s next for PayPal’s Super App? The company will add investment tools, offline QR code payments, and new shopping and deals capabilities.

PayPal is currently the closest thing the U.S. has to a super app. However, the new app is still missing some key elements that Asia’s successful super apps have, including food delivery, transportation, travel, health, insurance, government, and public services.

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Source: https://finovate.com/heres-whats-inside-paypals-super-app/

Fintech

Deals and dollars: European fintechs land $1.7B in funding rounds

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European fintechs fared well in funding rounds this week, with neobank N26 nabbing $900 million and banking infrastructure company Euroclear collecting $824.5 million. N26’s series E funding round brought the bank’s valuation to more than $9 billion. Third Point Ventures and Coatue Management led the funding round for the Berlin-based bank, and were joined by […]

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Source: https://bankautomationnews.com/allposts/retail/deals-and-dollars-european-fintechs-land-1-7b-in-funding-rounds/

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Fintech

Umpqua focuses on ‘human-digital’ banking strategy amid merger

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Umpqua Bank is cultivating its “human-digital” strategy as it approaches a partnership with Tacoma, Wash.-based Columbia Bank that will boost its market share on the West Coast. “Our human-digital initiatives remain critical to our long-term strategy as our customers continue to engage with us through digital channels at an accelerated pace,” Cort O’Haver, president and […]

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Source: https://bankautomationnews.com/allposts/retail/umpqua-focuses-on-human-digital-banking-strategy-amid-merger/

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Fintech

Klarna Adds Online Trip Planning with Inspirock Acquisition

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Does COVID have you dreaming up your long-awaited vacation? Consumer payment services firm Klarna’s latest acquisition may be of help.

The Sweden-based company snapped up Inspirock, an online trip planning service, for an undisclosed amount. Klarna CEO and Co-Founder Sebastian Siemiatkowski described the addition of travel planning “a natural extension of the benefits Klarna brings to payments and shopping.”

Founded in 2012, Inspirock leverages AI to help its customers explore a destination’s offerings and create personalized itineraries utilizing local expertise. On an annual basis, the California-based company sees 25+ million customers each year.

The integration will allow Klarna’s 90 million customers to use the Klarna app to pay for a trip in installments. In addition to the payment aspect, Klarna will also help users plan for their trip. Inspirock matches travelers’ preferences with over 230 million data points to optimize their travel itinerary and discover hidden gems.

“For customers, this makes the whole journey from inspiration to planning and preparing for a trip simpler, less stressful, and more fun, while enabling our retail partners to better reach and engage with their audiences by offering more personalized content,” said Siemiatkowski.

Combining travel planning with its existing payment capabilities inches Klarna towards becoming more like a super app. Founded in 2005 and with $3.7 billion in funding, Klarna offers buy now, pay later options to help users avoid credit cards while enjoying payment flexibility. Klarna also offers a shopping app to provide users with a holistic shopping experience– from payments to shipment tracking– and a rewards club it describes as the “vibeyest community in shopping.”


Photo by JESHOOTS.COM on Unsplash

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Source: https://finovate.com/klarna-adds-online-trip-planning-with-inspirock-acquisition/

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Finastra partners with Bakkt to offer crypto services to community banks, credit unions  

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Financial services software provider Finastra has tied up with Atlanta-based crypto exchange Bakkt to offer digital asset trading solutions and services to community banks and credit unions. The partnership will let smaller financial institutions enable customer access to a digital asset marketplace and wallet services offered by Bakkt, the two firms announced last week. Bakkt, […]

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Source: https://bankautomationnews.com/allposts/crypto-defi/finastra-partners-with-bakkt-to-offer-crypto-services-to-community-banks-credit-unions/

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