A new video from PayPal demonstrates some scenarios about our future buying capabilities that will surely have the End Times speculators frothing at the mouth.
Called a “re-imagined consumer experience” PayPal seeks a move to digital money, not just mobile payment options. Says Sam Shrauger, VP for Global Product and Experience:
Because PayPal’s wallet is digital – not just mobile, digital – it lets consumers do things with their money that have never been possible before. And there’s no finite set of features, because the digital wallet can evolve with the pace of innovation, allowing us to incorporate new functionality as consumer demands shift…PayPal is not about replacing a card swipe with a phone tap at point of sale. We are reimagining money to free it in its digital form so that it can work better for everyone. These features and examples are only the beginning: moving forward, we’re only limited by our ability to imagine what’s possible.
Simply Zesty summarizes it like this:
Of the features that will be made available through the new digital wallet, one major feature is the ability to purchase now and pay later. That is you can walk into a store, buy something, bring it home and later decide how exactly you wish to pay for it.
Through this, you can either change what account you’re paying from, pay over time in installments (the system will mean Paypal will pay for the goods first and your money will be deducted in equal installments over time, although whether there’ll be added interest on each installment is unclear) and apply loyalty points like air miles or gift cards to your payment if the service allows them.
The feature also allows a 5-7 day grace period for consumers to change their mind about the purchase. For larger stores which have tagging and security systems in place to help prevent shoplifting, this could work in shortening queues and simplifying the shopping experience for consumers and could help convince them to take up the service.
Watch PayPal’s video PayPal: Future of Shopping…