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Set a Primary Color used for text fields and labels, also referred to as the Tint color for iOS and the Accent color for Android.

iOS

Tint color will be used for all native elements such as Native Navigation elements of your app.

You can learn more about the iOS tint color in the Apple Developer Documentation: Apple Developer tintColor

Android

In material design, UI element color palettes generally consist of one primary and one accent color. This setting applies the primary color for any native elements of your app.

You can learn more about the accent color for Android in the Android Developer Documentation: Android Developers Accent color