Paypal To Unveil The Future Of Money Through Their New Digital Wallet

Considering how valuable the mobile commerce market has become and how much the company generated in revenue last year, Paypal have been working on their mobile experience in a bid to cement their status as the number one mobile commerce product.

In a recent blog post, the VP for Global Product and Experience Sam Shrauger said that they will be giving attendees at the SXSW conference a sneak peak of what he describes as "Paypal's re-imagined consumer experience." Speaking about the company's stance towards mobile commerce, he said:

"Because PayPal's wallet is digital – not just mobile, digital – it lets consumers do things with their money that have never been possible before.  And there'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...PayPal is not about replacing a card swipe with a phone tap at point of sale. We are reimagining money to free it in its digital form so that it can work better for everyone. These features and examples are only the beginning: moving forward, we're only limited by our ability to imagine what's possible."

Of the features that will be made available through the new digital wallet, one major feature is the ability to purchase now and pay later. That is you can walk into a store, buy something, bring it home and later decide how exactly you wish to pay for it.

Through this, you can either change what account you're paying from, pay over time in instalments (the system will mean Paypal will pay for the goods first and your money will be deducted in equal instalments over time, although whether there'll be added interest on each instalment is unclear) and apply loyalty points like air miles or gift cards to your payment if the service allows them.

The feature also allows a 5-7 day grace period for consumers to change their mind about the purchase. For larger stores which have tagging and security systems in place to help prevent shoplifting, this could work in shortening queues and simplifying the shopping experience for consumers and could help convince them to take up the service.

Other features include making personal lists, reminding you of coupons and deals on your list when you're in a store (geolocation or checking-in to the store may be used to make sure this feature works) and spending rules where you can create rules that apply to specific stores, the cost of goods or when you're travelling so that you don't have to worry about overspending, something that gets lost when you're not using cash.

A few months earlier, Paypal released a video depicting what they believed would be the future of mobile commerce and transactions. It seems that future is becoming ever closer and Paypal is beginning to realise it.