PayPal has rolled out an update that is set to make things a lot easier when it comes to sending cash over the internet.
At the beginning of this month, this online payment giant unveiled a new service known as PayPal.Me. Using this new service, users of PayPal can easily create a customized URL, share it with the person they want to send money to and the person on the other end will receive the money. This is not the first time PayPal will be facilitating sending of money via the internet, rather, it is the first time the customers will be using the new PayPal.Me service, which is a lot faster and easier.
How PayPal.Me works
PayPal was established more than 15 years ago and it has been serving millions of people from all continents of the world. The service allows for transfer of cash from one PayPal account to the other instantly; however, the new PayPal.Me will make the service even much faster and easier than it is.
Using PayPal.Me is quite easy. All the users of PayPal will head to the page PayPal.Me and then sign into the account using their usual details. Go ahead and create a personalized URL that makes it easy to remember. This URL will be bound to the account of the specific person or business you created it for and in case anyone visits this URL, he will be able to send them cash.
This has eliminated the process where the users had to first of all sign into the main site via the mobile app or website before they could send or even request for money. Here, one had to know the email address linked to the recipient’s PayPal account. Using a PayPal.Me URL will make things easier and more secure as well. Other than sending money, users can also include an email, text or even an instant message; all of which can be accessed via any web browser.
Sending money via PayPal.Me is free for individuals
There is nothing to worry about if you are sending some cash to your friend or relative as there are no charges involved. However, you must be using a debit card for this to work. In case of a business entity, you must part with 2.9% of the transaction amount plus $0.30 per transaction.
Facebook payment and Google Wallet
For a period of more than 10 years, PayPal has been the main player as far as online sending of money is concerned. However, recent competition has started creeping in with companies such as Apple, Google and Facebook coming in with online payment services of their own.
In 2011 Google came in with Google Wallet. Even though the service is still active, most carriers have blocked it and it is considered a failure among the Android users. Google went back to the drawing board and this year, in May, it came out with another online payment service known as Android Pay. This had led to the rebranding of Google Wallet into something that almost works like PayPal. The rebranded app will allow the users to send, as well as request for cash, both on the Android and iOS platforms.
During the same month of May, Facebook also announced that it was joining the mobile payment world with a Messenger payment service. To create a link, all Messenger users need to do is to key in a given amount, for instance, $50. When this link is clicked, you will be prompted to transfer the specified amount of cash to the person in your chat. Just like Google Wallet and PayPal, this P2P payment on Facebook Messenger is free. As of now, the service is only available to individuals and not businesses.
When it comes to P2P payments over the internet, there is no doubt that PayPal is a leading provider of these services. According to a recent report, PayPal accounts for about 73% of all online money transfers in the U.S. However, this might be problematic when it comes to maintaining it thanks to the competition that is coming from Facebook Messenger and Google Wallet. To keep itself ahead in the business, PayPal may have to do more as far as improving its service is concerned. PayPal.Me is just one way of doing this.