Today, PayPal launched a redesign of its mobile digital wallet in the US, Australia, Canada, China, Hong Kong, Japan and the UK[i]. Although the digital wallet marketplace welcomes new or evolving competitors regularly, others - like Google Wallet- have gone back to the drawing board. To date, no third-party wallet provider has yet to achieve “broad-scale adoption” with both consumers and merchants, or, said differently, “success” with proximity or in-person mobile payments.[ii] Although most consumers around the globe have used PayPal’s online digital wallet, and some may have heard of or perhaps even used its mobile digital wallet for in-person payments, adoption is still a long way from mainstream. Google Wallet helped to drive awareness of mobile digital wallets — a useful byproduct for all competitors — yet it failed to deliver consumer adoption or merchant acceptance. With the latest wallet update, PayPal is poised to accelerate adoption by embedding value-added services designed to give consumers a reason to use the PayPal wallet across multiple categories and give merchants a reason to consider adding yet another payment method.
Some of its value-added services include:
In-store and Online Offers. Offers have been the foundation for other wallets in the past; they are considered a baseline feature in the marketplace and are highly valued by consumers.