PayPal unveils re-designed digital wallet to roll out this spring

Summary:Some of PayPal's new digital wallet amenities go beyond just payments, but rather reinforce the platform as a one-stop shop for mobile commerce in general.

PayPal introduced a re-designed digital wallet at SXSW 2012 in Austin on Tuesday, which is promised to launch this spring.

Some of PayPal's new digital wallet amenities go beyond just payments, but rather reinforce the platform as a one-stop shop for mobile commerce in general.

For example, users will be able to create personal lists for different shopping situations as well as create budgets by purchase amounts and other metrics.

Then there are a lot of other features that carry over from PayPal's browser platform such as being able to switch from one funding source stored in your PayPal account to another seamlessly. Users will also be able to apply different sources of value (i.e. gift cards, loyalty points, etc.) within the same app.

One of the most interesting features in this regard is being able to change the payment source after you've already bought a product in a store. Basically, you can buy something in a store, take it home and decide later how you want to pay for it for a grace period of five to seven days.

PayPal has been promoting its new mobile commerce solutions for a few months now, with particular prominence and demos at eBay’s Innovate Developer Conference 2011 in October and a pop-up shop in New York City.

Just a couple of weeks ago, PayPal rolled out its mobile payments platform to all of Home Depot’s nearly 2,000 locations nationwide.

The re-designed mobile wallet is expected to debut to consumers by late May.

For a closer look at PayPal's upcoming digital wallet solution, check out the promo videos below:

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About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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