PayPal is set to demonstrate its new mobile wallet at SXSW.
In a blog post, Sam Shrauger, PayPal’s Vice President of Global Product & Experience,explains:
This marks the first time in our 13-year history that weâ€™ve completely redesigned and re-architected the PayPal wallet to make money work better in todayâ€™s rapidly evolving, multi-channel shopping environment.
During my session, Iâ€™ll demo an intelligent wallet that will do for digital money what internet mash-ups did for digital information: free it, so you can connect it, filter it, personalize it, share it and make it work the way that you want it to. Because PayPalâ€™s wallet is digital â€“ not just mobile, digital â€“ it lets consumers do things with their money that have never been possible before. And thereâ€™s no finite set of features, because the digital wallet can evolve with the pace of innovation, allowing us to incorporate new functionality as consumer demands shift.
Shrauger gives some examples of how this might work:
- Separate purchases from payment:Â When you buy an item in a store, take it home and decide later how you want to pay for it. The PayPal wallet will offer a 5-7 day grace period for consumers to change their minds.
- Spending Rules.Â Create specific â€œset asidesâ€ like travel funds, set rules by purchase amount, tie specific payment instruments to specific merchants â€“ all in your wallet, without setting up any new bank accounts or opening any new credit cards.
Read more about PayPal’s new digital wallet at the PayPal blog, and we’ll be keeping an eye on PayPal’s demo at SXSW on Tuesday 13 March.