PayPal introduces new features and services, including the launch of the PayPal Generosity Network in the UK, and two-way messaging for peer-to-peer transactions
New personalised app provides PayPal customers with a single destination to easily and securely manage their daily financial lives and do more with their money
LONDON, Sept. 21, 2021 /PRNewswire/ -- Today, PayPal announced the new PayPal app, a personalised app that offers customers the best place to manage their financial lives. The new PayPal app will introduce new features for customers in the UK, including the launch of the PayPal Generosity Network and the introduction of the Generosity Network for Charity enabling community and charity fundraising, as well as the introduction of two-way messaging between two PayPal users.
Additionally, the new app offers customers a single place to send and receive money to friends, family and businesses, pay with PayPal QR Codes, access and manage credit and 'Pay in 3' services, buy, hold and sell cryptocurrency, as well as support causes and charities they care about.
The new PayPal app includes a new dashboard providing a personalised view of a customer's PayPal account including an at-a-glance carousel providing a snapshot of PayPal balance and upcoming 'Pay in 3' installments; a Wallet tab to manage payment instruments and review payment and account activity; Finances which includes PayPal's buy, hold, and sell cryptocurrency product; and the Payment Hub, which includes the ability to pay with QR Codes, as well as PayPal's send and receive money features, international remittances, charitable and non-profit giving, and a two-way messaging feature to send notes of acknowledgment after peer-to-peer transactions.
"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," said Dan Schulman, president and CEO of PayPal. "Our new app offers customers a simplified, secure and personalised experience that builds on our platform of trust and security and offers PayPal customers in the UK new ways to support the causes close to their heart, send and receive money, buy, hold and sell crypto, manage Pay in 3, pay with QR Codes and much more in one app."
Introducing the PayPal Generosity Network
PayPal is introducing the PayPal Generosity Network to customers in the UK to offer a way to create customised community fundraising campaigns for themselves or others in need. Inspired by the rising popularity of peer-to-peer crowdfunding accelerated by the global pandemic, PayPal introduced the Generosity Network to customers in the U.S. in November 2020. Since then, the Generosity Network has been successfully adopted by many, with customers raising funds for great causes since the launch.
Each campaign created on the Generosity Network is amplified to millions who can help others reach their fundraising goals. Each personal campaign can raise up to £20,000 over a 30-day period. Money donated is then deposited directly into the customer's account with PayPal, allowing customers to easily distribute the funds to the intended cause -- be it a local cause, a friend, or family member.
Customers can create a Generosity Network campaign directly within the app. Easy to navigate, the step-by-step flow allows customers to name their cause and set a target fundraising goal, provide a description and categorise the fundraiser, and add an image for their cause. Once published, the campaign is ready to be shared among their friends and family. The campaign is also published on the PayPal Generosity Network so millions can donate, view and share.
New Ways to Support Charities
Customers in the UK can now also seamlessly raise funds for their favorite charity with Generosity Network for Charity - a new function of the community-based Generosity Network. This makes it easy for customers to raise funds for their favorite charity, and ensures the funds are granted correctly. Instead of the donated funds being sent to the customer's PayPal account like it would with the Generosity Network, funds raised with Generosity Network for Charity will be donated to PayPal Giving Fund UK, a registered charity (No. 1110538), which grants the funds to charity in accordance with PayPal Donation Delivery Policy.
Introducing Two-Way Messaging in the PayPal App
The new PayPal app also introduces a new, private two-way messaging feature which will enable two users to communicate after they have conducted a peer-to-peer money transfer, whether to acknowledge receipt, send a note of thanks, confirm details of the transaction or more, directly within the app experience.
Two-way messaging enhances the peer-to-peer send and receive money functionality in the PayPal app, offering a new way for two PayPal customers to connect when sending money for Friends and Family as well as Goods and Services transactions. Two-way messaging is now available for PayPal customers in the UK.
The new PayPal app is an intelligent digital wallet powered by PayPal's artificial intelligence and machine learning to create a unique wallet experience that is enhanced and tailored for each customer. The new app, including the PayPal Generosity Network and other new features, is starting to roll out today.
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 400 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Media Contacts:
Lucy Meadmore
lmeadmore@paypal.com
Elle Chambré
echambr@paypal.com
Note to text/Note to editor: relating to the buy, sell and hold feature for cryptocurrencies, further information is available in the newsroom PayPal Newsroom - Home (paypal-corp.com) and/or our crypto page Crypto | Buy Sell & Hold | PayPal UK including the terms and conditions of use. Neither the Financial Conduct Authority nor the Commission de Surveillance du Secteur regulate cryptocurrencies. If something goes wrong related to cryptocurrencies, customers won't be able to use the Financial Ombudsman Service, the European Consumer Center, or any UK or Luxembourg financial services compensation scheme. |
However, to make buying and selling cryptocurrencies possible on PayPal we also provide electronic money and payment services, which are regulated for details see the "Legal" tab on the PayPal UK website www.paypal.com/uk/home. |
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