We've seen PayPal trial two different point-of-sale transaction services recently — one was NFC-based and the other utilized PINs — but, according to a post on PayPal's blog, the company has much more in store for digital wallets. The company says its new service will let you take money and "connect it, filter it, personalize it, share it and make it work the way that you want it to." That's awfully general, but thankfully the company does provide a few specifics.
One feature will let you make a purchase and determine how you'd like to pay for it up to five or seven days later — even if you want to combine different payment methods (including gift cards and reward points) or set up installments. The "intelligent wallet" will also have a function that compares prices and stores shopping lists of items you say you'd like to buy at a later date. PayPal says that it will automatically look for coupons related to items on these lists. Lastly, the company will offer "Spending Rules" that, once set up, will automatically choose your payment method depending on certain variables, like whether it's an electronics or a grocery purchase. PayPal says these new features will start rolling out in late May.
While competitors like Google Wallet and ISIS offer compatibility with loyalty card and gift cards as well as deals, PayPal might be a formidable opponent if it can deliver on its promise that these features are just a taste of what's to come. We'll be at the company's SXSW event in Austin on the 13th to see the new digital wallet in action.