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Game Changer: PayPal Update Aims to Replace Your Wallet

PayPal released new updates for its iOS and Android apps today, hoping to make processing payments for everyday transactions far simpler. According to venturebeat.com:

The apps offer some innovative new features, such as the capability to order and pay for something before you even step foot in a store as well as pay right at the table in some restaurants. But its biggest upgrade is pretty simple: It makes all of PayPal’s existing services far more easy to use.

“For example, now you can easily switch between using your payment sources for every transaction; PayPal no longer pushes to use your bank account for everything. Sending money to friends is easier than ever. And PayPal has also added more extensive integration with its Bill Me Later service. Now you can apply for Bill Me Later right from within the app and have a line of credit available in seconds.”

PayPal said that it realized that consumers don’t really have a payment problem, as much as a retail experience problem. So they leveraged their knowledge of payment, which is a major part of the retail experience, to better facilitate customer needs. As reported by techcrunch.com:

“One of the major feature additions to the apps is the ability to order ahead at a broader group of restaurants. PayPal was testing this feature at McDonald’s in France and earlier this year at select US Jamba Juice locations.

“It’s clear in this update that PayPal is putting more emphasis on how its app can be used in physical retailers. The payments giant is also using a more seamless payments experience to actually help save people time (avoiding lines, waiting for your waiter to return with your bill). One of the hurdles for PayPal has been how to get the 100 million-plus consumers to know that they can use PayPal in physical stores (as well as online, which has been the primary experience to date).”

Using PayPal to improve the shopping experience is a major opportunity for the company. It’s been said that checking out is the most unpleasant part of shopping, not only because of irritating lines, but also because it signals the end of the buying experience. This is why retailers like Apple have wireless payment options to simplify the process. If PayPal creates a user-friendly, multi-platform solution, look for customers to flock to the new update.

The new PayPal apps hit the Apple App Store and Google’s Play Store today.

Check out the PayPal interview above and the new demo below.

 

 

 

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