eBay owned PayPal has brought new features to its PayPal Wallet. The revamped PayPal Wallet will have features aimed at better management of our money in digital form. The though is to effectively use money in today’s shopping experience that spans multiple channels.
The concept of mobile wallets is fast emerging. However, simply transferring ones physical wallet to smartphone or tablet doesn’t solve any of our current virtual payment problems. PayPal unveiled its new features ‘True’ Digital Wallet. The most important innovation was the separation of the Purchase from the Payment. With the redesigned wallets, PayPal users get a grace period of a week to decide exactly how are they going to pay for the merchandise.
Some of the options are:
- Switch from one funding source to another
- Decide to pay over time in installments
- Apply different sources of value (gift cards, airline miles, loyalty points, etc.)
The wallet creates virtual sub-accounts from which money for various categories like groceries, travel, entertainment etc can be earmarked. This feature titled ‘Spending Rules’ will ensure you do not over-indulge yourself while neglecting the necessities!
With Personal Lists users can create lists of things they want to buy. They can even search for & compare prices of various items they desire. Using this Lists, PayPal’s next innovation ‘Found Money’ will correlate various coupons that you collect & automatically match them with relevant purchases.
Money in its Digital form is about to revolutionize the way we spend. PayPal is truly paving the way with such nifty tweaks to its offering. While Google Wallet & others have simply linked our Credit Cards, PayPal is acting like a true sentry between us & the merchants. This mutual trust between us payers & sellers that PayPal is creating will surely lead to enhanced business. Lets see how this impacts the SMEs that PayPal is about to target.
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