Today PayPal Holdings Inc. today announced its new all-in-one PayPal app with a visual redesign and feature updates that will make it more like a bank, allowing customers to manage their money directly from their smartphone.

PayPal originally focused on sending and receiving payments and merchant integration. The new app expands its features into finance management and shopping. New features include upcoming savings accounts, bill pay, direct deposits, searchable coupons, gift cards, in-store rewards and more.

Upon opening the new app, users will discover a visual overhaul. First is a homepage, which features a personalized dashboard with the customer’s balance and amount of crypto they own and contacts. From the dashboard users can also get quick access to tabs and app features.

For example, the wallet tab allows users to manage direct deposit, where they’ll be able to send their paychecks directly to PayPal, similarly to “neobanks” such as Chime. Using direct deposit through PayPal, users can even access their money two days early.

The wallet tab also includes access to peer-to-peer cryptocurrency features already added in the U.S. and U.K. recently by PayPal. Users will be able to view their balance in crypto, buy, hold and sell bitcoin, Ethereum, Litecoin and Bitcoin Cash.

In the coming months, the finance tab will include access to a high-yield savings account provided by Synchrony Bank. According to PayPal, the account will offer customers an annual percentage yield of 0.40% and charge no minimum balance or monthly fees.

Amid other money management features, PayPal also added enhanced bill pay functions that allow users to track over 17,000 companies, including utilities, TV and internet, insurance, credit cards, phone and more, directly within the app. It will allow customers to set up reminders for upcoming payments and set up automatic payments.

New two-way messaging features are also coming to the app, allowing users to acknowledge peer-to-peer payments.

As for merchants and shopping, customers will also find an entirely new feature set surrounding rewards, coupons and loyalty programs. Shoppers can search hundreds of popular brands for discounts and offers through the in-app browser and save deals in their wallet for future use when they check out with PayPal in the app or online.

“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,” said Dan Schulman, president and chief executive of PayPal.

The new app and its features begin rolling out today, although PayPal savings and shopping tools and are planned to arrive in the U.S. in the coming months.

Image: PayPal