PayPal Redesigns Its Digital Wallet; What's New

PayPal, the online payments company owned by eBay Inc, has revamped PayPal wallet in what the company says is a move to make money work better in today's rapidly evolving, multi-channel shopping environment.

"Because PayPal's wallet is digital- not just mobile, 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," wrote Sam Shrauger, vice-president, Global Product & Experience, PayPal in the official company blog.

Let's have a look at the features of the redesigned wallet-

Separating The Purchase From The Payment- The redesigned digital wallet will offer a 5-7 day grace period to consumers so that they can decide on how to pay for the product bought by them. So they can buy something from a store, take it home and then decide later how they want to pay for it.

Personal Lists- Buyers can search for items, compare their prices and then create lists of the things they want to buy.

Found Money- The wallet will also find deals and coupons for items on the user's personal lists once they are in the store.

Spending Rules- Users can also create specific 'set asides' like travel funds, grocery budget etc and set rules by purchase amount. They can also tie specific payment instruments to specific merchants, for example if you purchase a costly TV but don't want to pay the entire amount in one go, PayPal will pay the amount to the retailer, but will deduct the money from the user in equal instalments over time.

"Our money is digital now, but we're not maximizing its power yet.  And while moving all our financial information to our mobile phones is fine, the reality is that mobile wallets aren't that much different than physical wallets. They don't allow us to think about how we can make all the sources of value in our lives work better for us," wrote Shrauger.

The company will begin rolling out these new features from May, 2012.