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During SXSW Interactive 2012, PayPal VP, Global Product & Experience, Sam Shrauger introduced PayPal’s latest product PayPal Digital Wallet. They are focused on the future of money and redefining the consumer experience. With Square processing credit card payments for one out of every eight merchants, PayPal’s announcement is very timely. PayPal Wallet is digital not mobile so it’s clear that their strategy is focused on reaching beyond accepting payments via mobile devices.
PAYPAL DIGITAL WALLET FEATURES:
Separating the purchase from the payment: This is truly a unique feature that is different than other mobile payment processing tools. PayPal will allow three new aspects in separating the purchase from the payment: (1) Switch funding sources (change from credit card to a debit card for example); (2) Pay in installments and (3) Apply different payment sources (gift cards, airline miles, etc.). PayPal will offer a 5-7 day grace period that will allow customers to change how they pay for their purchases.
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