November 3rd, 2011 1 Comment » | POSTED BY ROB

Paypal Announces Its Own Wallet

Hot on the heels of Google Wallet, PayPal has announced details of its own mobile wallet used to pay for goods and services offline.

From the Paypal Blog:

Over the next 12-24 months, we’ll introduce technologies that give consumers the choice to “swipe, enter, or tap” when they pay.  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.

And no matter how you pay, you can go back and change the payment terms, even after the purchase. These are huge steps—and we’re only just starting to scratch the surface.

That last feature is a pretty cool idea; changing the source of your payment after your payment has been made, and apparently came about following feedback from a single (but prolific) PayPal user who wanted an “oops button”, allowing you to decide on how to pay even after the transaction.

Given the choice of ways to pay, Paypal’s wallet also has the advantage on not being tied to NFC-enabled devices (which is the case for Google Wallet), plus merchants do not have to install new hardware (simply upgrade their payment terminal software), which will further help the growth in these new types of payment.

PayPal has setup a demonstration store in New York to show off the new technologies.

Read more:

The next 12 months should be an interesting time for the growth of mobile wallets and NFC technology, but it’s still unclear which systems will emerge as the leaders; with Google, PayPal and probably eventually Apple entering the market, we wouldn’t currently bet against one of these big brands becoming the industry standard mobile payment mechanism.

Related Posts

Tags: , , ,

1 Comment on “Paypal Announces Its Own Wallet”

Tarot, November 22nd, 2011

Sounds great, just wonder why its taken them so long. A lot of my income is through paypal and it makes sense to be able to pay from paypal instead of having to transfer the money first before using it in the real world..

Leave a Comment | Discuss On Facebook


Get regular, free updates direct to your inbox:

Personal Finance iPhone Apps

Recent Money Watch Articles

  1. Apple Pay Coming To The UK In July 2015
  2. iZettle Launches Card Reader to Support Apple Pay & Contactless Payments
  3. Halifax: Mobile Banking Soars As Customers Bank On The Move
  4. Pennies Budgeting App Now Available For Apple Watch
  5. One In Eight Brits Will Switch To Digital-Only Bank This Year
  6. Invalidating your home insurance could be as easy as Airbnb
  7. Barclaycard Anything: Turn Any Object Into A Contactless Way To Pay
  8. Launches Enhanced Current Account Comparison Service

Money Watch Categories

banking Banks Business Children Credit Credit Cards Debt Economy google Insurance Interest Rates Investments iphone Links Loans mobile Money Saving Mortgages New Products payments Pensions Property Savings security shopping Stocks and Shares Students Tax Tips Tools

Subscribe to Money Watch Email Updates

Email Format