PayPal wants to replace your wallet with app update

PayPal app

PayPal, a wholly owned subsidiary of eBay, is the Internet's premiere payment and processing site that lets you pay for items and transfer money through the Internet. In May 2013, PayPal released global study results, in which it found that "A vast majority (83%) of respondents across five countries indicated they wished they didn't have to carry a wallet."

Today PayPal solved some of the bulging wallet problem when it released a free app for iPhone and Android platforms. According to Devindra Hardawar at VentureBeat, the apps make all of PayPal's services easier to use. The apps also offer some welcome new features, such as the ability to order and pay for an item before you go into a store, pay for your food in some restaurants, plus you can switch between payment sources for each transaction instead of always using your bank account.

Devindra Hardawar was lucky to get a personal tour of just how well the smartphone app works when he was guided on a tour of Manhattan restaurants by Anuj Nayar, PayPal's Senior Director of Global Initiatives. While restaurant integration is in early development, that didn't stop Devindra from paying for coffee, cookies, and wine at various eateries even when he wasn't on site.

The PayPal service is augmented by it's cooperative deal signed in January with NCR. Initially the agreement states that PayPal mobile payment options will be integrated into NCR Mobile Pay application.

The Paypal app, version 5.0.1, is available now in the iTunes store. It supports 17 languages and requires iOS 6.0 or later.

[via VentureBeat]