Will PayPal change the future of buying? [VIDEO]

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

Marty Duren

Just a guy writing some things.

  • The Apple store has an app right now that lets you scan the bar code, pay via apple ID and walk out showing the person at the door you’ve paid. Though I agree it’s going to take some willingness to inspect the purchase from the door guard, I was blown away by the concept when one of their sales people showed it to me last year.

    • Marty Duren

      Pretty cool. I think they pioneered that hand held printer, too. Or at least popularized.

  • The Apple Store version only lets you pay for accessories at present via their iPhone app, and even then only non-Apple accessories.

    Very interesting concept of buy now, decide how to pay later. I wonder what happens if they price drops before you decide? What do you pay at that point?