The mobile payments space will get a lot more interesting for small businesses come May 2012, when PayPal rolls out the latest features for its PayPal digital wallet and mobile payment services.
Actually, we should hear more about the payment service's plans later this week. Among the many things that PayPay is expected to talk about: a possible mobile credit card swiping system that would compete with mobile payment solutions from Square.
The company disclosed some of the anticipated features in briefings and on its blog this week. Some of the highlights include a delayed payment options that lets a buyer change his or her mind about how to pay for something over time (such as opting for installment payments or changing from credit to debit). Consumers will also be able to create shopping lists and collect coupons that will be applied (even if they forget to apply them).
PayPal offers up two separate videos with an explanation about the new service. I'm including them both here. Each one is about 10 minutes long.
I know what you're thinking. Everyone from Google to Isis (the venture led by AT&T, Verizon Wireless and T-Mobile) and probably Apple is taking aim at the mobile payment and "digital wallet" space. But PayPal's stature among small businesses as a payment processor -- especially any business with an eBay storefront -- definitely makes its solution an appealing option. Indeed, the company predicted in January that it will process $7 billion in mobile payments during 2012. That is more than double its original guess-timate.