PayPal’s New Digital Wallet Will Offer Personalized Deals, Flexible Payments, And More

Posted: 10/03/2012 in Technology
Tags: , , , , , ,

 

I ’ve been hearing recently about PayPal’s in-store payments platform for large retailers (which will soon be rolled out to small businesses as well). But we haven’t seen PayPal do much in the past few months with its plans for its digital wallet on the consumer side. We know PayPal has a major vision for how payments will be made in the future, but today, the company is giving us a glimpse of exactly what new features will be added to the platform in the coming year.

With the new digital wallet, you can buy something in a store, take it home and decide later how you want to pay for it. PayPal will offer a five to seven-day grace period for consumers to change their minds. So you can switch from one funding source to another, decide to pay over time in installments and even apply different sources of value (gift cards, airline miles, loyalty points, etc.) to a payment.

Additionally, you’ll be able to create spending rules that tie specific cards and payment instruments to specific merchants. So you can create specific “set asides” like travel funds and set rules by purchase amount. For example, you can earmark a bank account for all grocery store purchases, and a specific credit card for entertainment and travel directly from PayPal. All you’ll need to do is pay via PayPal, and the platform will automatically recognize whether a specific payment should be drawn from a credit card or bank account.

 

 

 

 

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