Introducing PayPal Mobile Wallet App (PayPal Wallet)

PayPal at the opening of their Shopping Showcase, announced that over the next 12-24 months, the company will introduce technologies that give consumers the choice to "swipe, enter, or tap" when they pay.PayPal says, "At Showcase we're demonstrating how the future PayPal App, with the integration of RedLaser, will be able to easily and intelligently […]

PayPal at the opening of their Shopping Showcase, announced that over the next 12-24 months, the company will introduce technologies that give consumers the choice to "swipe, enter, or tap" when they pay.

PayPal says, "At Showcase we're demonstrating how the future PayPal App, with the integration of RedLaser, will be able to easily and intelligently insert and organize all your gift cards within the PayPal account. It's as simple as scanning the gift card's bar code or card number. When you're using PayPal at the store, online or on the go, we'll automatically give you the option of using your scanned gift cards at checkout."

"In short, we're not just making a smarter wallet, we're making money smarter."

Here's how:

  • "With the new PayPal Card, customers will be able to swipe with one card to pay in-store from any of the financial instruments already saved in their PayPal wallet - whether that's a bank account, credit card, or stored money.
  • Or, they'll be able to enter a mobile phone number and a four digit pin to pay.
  • We can also work with retailers to offer NFC at the point of sale," PayPal revealed.

PayPal mobile wallet application: Payment options:

PayPayl Mobile Wallet App: Payment Options

PayPal Mobile Wallet AppThe most notable feature of PayPal's mobile wallet is payment flexibility. PayPal is able to offer this option because of its 2008 acquisition of online credit firm Bill Me Later. "Users of PayPal's mobile wallet application will be able to choose how they want to pay for purchases even after the sale. That means a purchase can be transferred to a different credit card, a debit card, a PayPal account or even a store gift card, if necessary, directly through the PayPal app. The payment could also be split between multiple cards/payment sources," explains forbes.

The company notes, "no matter how you pay, you can go back and change the payment terms, even after the purchase."

PayPal's another Bill Me Later's based feature, "oops" provision also includes payment plans. App users will be able to choose - again, post-sale, if they want - whether to pay for a transaction in a single lump sum or break it into as many as three installments.

The company says merchants won't care if consumers alter their payment method or timeframe because PayPal pays retailers regardless. "We settle to them immediately," said PayPal Vice President Sam Shrauger in an earlier interview with Forbes. "PayPal is the one that deals with the consumer."

PayPal will leverage credit is by helping retailers expedite and refine the credit-check process. Stores that sell expensive goods like furniture and electronics are used to giving customers special financing. The tight credit market means more shoppers are getting rejected for these plans, however, often in an embarrassingly public way.

To combat that, PayPal is adding a feature to its wallet app that will let shoppers test their credit eligibility by scanning a mobile barcode or QR code placed in store windows. "They can check their credit privately before they go in the store and then shop knowing that they will be approved," explained Thompson.

PayPal thinks the ability to provide credit to users should be a standard feature in mobile wallets, too. "If you have one digital wallet, it should be smart," said Shrauger. Another way PayPal will leverage credit is by helping retailers expedite and refine the credit-check process.

To combat that, PayPal is adding a feature to its wallet app that will let shoppers test their credit eligibility by scanning a mobile barcode or QR code placed in store windows. "They can check their credit privately before they go in the store and then shop knowing that they will be approved," explained Thompson.

PayPal Mobile Wallet App: recent activity

PayPal Mobile Wallet App: Coffee Bar order featurePayPal also packed some other interesting ideas into its wallet app, for instance, ask a user who has a daily coffee habit if he wants to order his regular beverage once he nears his favorite coffee shop. The idea is that the drink would be ready by the time the consumer reaches the shop and could be paid for via the app, allowing him to skip the line entirely.

The app also incorporates a way to quickly ship purchases to a default address, to automatically add relevant gift cards and rebates to an order to get the lowest possible price, to check inventory at local stores, to add gift cards by scanning them with the phone's camera, and to save lists - for groceries, for example - in the app and get automatic alerts about in-store savings on those items.

PayPal Wallet App: Shopping List