PayPal recently unveiled its new mobile payment service called PayPal.me. The company's latest mobile peer-to-peer (P2P) payment platform aims to allow users to create a personalized PayPal link, which will be sent to friends for faster P2P transfers via PayPal. But since the online payments system company has already launched similar services, could the new service confuse its customers?
On Wednesday, Sept. 2, PayPal Holdings Inc. launched PayPal.me as its latest mobile P2P payment platform. According to Business Insider, PayPal customers will make a personalized link, which can be sent via email, text message or social media, to a group or individual as a request for funds. PayPal.me will work on both desktop and mobile.
The new PayPal service came after the findings of the company's Money Habits Study, which shed new light regarding people's attitude and behavior around money, suggested that small debts between peers increase faster in both amount and in impact, citing challenging and problematic paying services that can lead to real fiscal and social consequences.
PayPal Money Habits Study also discovered that digital wallets are gaining popularity with one-third of the respondents are in favor of having a digital wallet rather than having a real one, Market Watch revealed.
"As we see money going digital and mobile, people need more flexible ways to manage their money. It's simple - we all want no-fuss ways to pay and get paid back, and avoid awkward IOU conversations," PayPal's Consumer Product Marketing Director Matt Gromada said. "PayPal pioneered sending money digitally 16 years ago, and we are continuing to lead the way with our P2P offerings."
Since PayPal has already several similar services including Venmo, which is only available for U.S. domestic transactions, PayPal.me might confuse customers. Though PayPal.me provides users with the ability to process cross-border transactions like in the U.K. and 16 other countries as Business Standard noted, it's still unclear why the company needs a service with similar functionality to those that it already offers.
In other news, PayPal just acquired digital remittance start-up Xoom, which facilitates sending money internationally, making the company a global payments platform that is available in 203 markets and in over 100 currencies. And with PayPal's newest P2P payment service, it provide the option to avoid wasting time to chase down debts or deal with friendships shattered because of money.
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