Saturday, March 10, 2012

PayPal details new wallet tech

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In February, PayPal provided new details on how it planned to roll out its in-store payment services. The subsidiary of eBay plans to demonstrate at the SXSW conference in Austin how it hopes to distinguish its consumer-side digital wallet service from the competition, including Google Wallet and Isis. PayPal hopes to expand its attractiveness by offering more payment flexibility, generating wish lists, and providing greater account control.

For payment flexibility, PayPal will let users change their mind on how they pay for an item, even after they've made the purchase and taken it home. For up to five or seven days after buying it, the consumer will be able to switch payments from one credit card to another. It will also give them the flexibility to switch to a particular installment payment plan or split the charge between several credit cards.

The PayPal Digital Wallet will also let individuals search for, compare, and create personal lists of things they want. PayPal will find deals and coupons and deliver them electronically to the user so they won't have to remember to bring them along to the store. The wallet will allow creating rules for spending by the amount of a transaction, select a payment method based on the store they are using at, or set aside money to a special fund.

PayPal will begin rolling out these new services in late May.

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