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Paypal refreshes digital wallet

PayPal has launched the new version of its mobile application for iOS and Android.

The company has revamped its entire user interface and new features have been added to improve end user experience.

PayPal is aiming to replace physical wallets with its integrated application that can be carried around on smartphones.

The app incorporates bank and card payments, P2P money transfer, loyalty redemption, credit lines as well as shopping.

It features a shop tab that finds retailers or eateries nearby that will accept PayPal payments. It also includes offers in the new application, with incentives available from local businesses in the US.

While at a participating restaurant you can bypass the queue by ordering ahead. More than a thousand locations are already involved, with more coming soon.

The application also enables people to open a line of credit by using the pay later feature and after the transaction is processed, users receive a confirmation alert.

By Gary Cooper