PayPal offers sneak peek of upcoming virtual wallet offering

PayPal offers sneak peek of upcoming virtual wallet offering

Summary: Google, Visa and several other major tech and financial players have unveiled plans for digital wallets, and now PayPal is challenging them.

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PayPal has unveiled a glimpse at its upcoming mobile payments platform, which is promised to be more than "just shoving a credit card on a phone."

The solution is touted as "one-stop shop" as merchants and vendors can take advantage of a number of different offerings targeted towards their customers, ranging from location-based deals to the check-out process.

Given PayPal's strong role with its online payments platform through desktop browsers, it's no surprise that the eBay-owned company would turn its focus to the mobile spectrum as that market is starting to flourish. Maybe the only question would be is what is taking PayPal so long to get on board?

eBay has expressed a strong interest in getting involved with mobile payments since this past spring, which were made especially evident with the acquisitions of the geo-targeting startup WHERE and Zong, which developed a "frictionless" mobile payments system that routes charges directly to mobile carrier bills.

Although there are many more questions that have yet to be answered about this system regarding billing and other issues, PayPal's president Scott Thompson pointed towards a multi-platform approach on his company's official blog:

PayPal is re-imagining money and making it work better for merchants and consumers – whatever device you’re on, wherever you are in the world, and however you prefer to pay (whether that’s cash, credit, or installments).

Although Visa's initiative looks like it will be supported by the most mobile platforms and devices, this route could give PayPal an edge over Google Wallet, which will only be supported on Android...at least for the foreseeable future.

More details and specs will be revealed over the course of the next few months and likely during the X.commerce Innovate Conference this October.

For a closer look at PayPal's digital payments product, check out the promo video below:

Related:

Topics: Google, Android, Start-Ups

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9 comments
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  • RE: PayPal offers sneak peek of upcoming virtual wallet offering

    Now that Blizzard has announced PayPal as its partner for the Diablo III real money auction house, you can expect a large influx of new users.
    tonymcs@...
    • RE: PayPal offers sneak peek of upcoming virtual wallet offering

      @tonymcs@... : As P. T. Barnum has said.... fools
      Willnott
      • RE: PayPal offers sneak peek of upcoming virtual wallet offering

        @Willnott

        True that. Just give out your bank account routing numbers over the internet and cross your fingers they don't get hacked.
        ScorpioBlue
  • But It's Still A Debit Card

    The problem with PayPal is that it tries to make you use debit services from your bank account instead of your credit card. I am not sure I'm interested in using PayPal at the hardware store if I have to go through the hassle of changing the payment method every time.
    m0o0o0o0o
    • RE: PayPal offers sneak peek of upcoming virtual wallet offering

      @m0o0o0o0o
      I have to agree...it's trivial to change it on online transactions using a computer, but from a store POS I'm not sure the interface has the resolution to make the payment method obvious.
      Paypal needs to create a sticky setting so that the user can set the payment method based on what is being used to make the payment.
      tech_ed@...
    • RE: PayPal offers sneak peek of upcoming virtual wallet offering

      @m0o0o0o0o : I agree - and with PayPal's history of inept management of the one account I have, I will never consider using it for wallet type applications. In fact I have significantly scaled back using it all together because of their ineptness.
      Willnott
    • Screw debit cards

      [i]The problem with PayPal is that it tries to make you use debit services from your bank account instead of your credit card.[/i]

      That's not gonna happen. I've only supplied them with a credit card because any damage (to myself) through a credit card is minimal. Having your whole bank account drained is a different story.
      ScorpioBlue
  • RE: PayPal offers sneak peek of upcoming virtual wallet offering

    The 'Visa' solution is kind of ackward. I don't know that I've ever seen anyone use thier 'tap to pay' system and, as pointed out, in reality the solution from Google is just to glue a credit card to your phone.. So know if you lose your phone not only is someone using it to call China, they are also using it to buy stuff...
    paul@...
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