PayPal wants to become a bank

PayPal now wants to become a bank in the US. The company has submitted the required applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, which would be a Utah-based chartered industrial loan company.

PayPal says this would strengthen its business and improve its efficiency, enabling it to “better support small business growth and economic opportunities across the US”. Aside from providing small business loans, PayPal Bank would offer interest-bearing savings accounts to customers, and it would also become a…