PayPal’s New Service makes it easier to Request Money
PayPal, the American company handling worldwide online payments system, has recently launched a new service called PayPal.Me, which will allow users to set up their own, individual accounts and collect payments.
To avail the service, users have to create a link. Once link is created, users can send the link to other individuals or groups and request for funds. After the link is received, the value of the transaction is entered and the funds are transferred to the original user's PayPal account.
The service will allow links to be sent through multiple platforms, for example, instant message, social media, e-mail, and more – and will work on both desktop and mobile.
PayPal senior director of Global Consumer Product, Meron Colbeci, said, “Rather than following up individually, you can email your PayPal.Me link to co-workers to chip in for an engagement present for another co-worker”.
PayPal.Me's launch has come just weeks after online-bidding site eBay spun off the digital-payment platform. The move was widely celebrated on the Wall Street, and allowed PayPal to operate as an independent company without requiring approval from its corporate overlord eBay.
Recently, PayPal conducted a study ‘Money Habits Study’, whose results showed that adults across the world are owed a collective $51 billion in small debts from friends and family.
The same study found that many of those debts may go uncollected because over 50% of Americans find it awkward to ask their friends or family to pay them back. Individuals are looking for more flexible and convenient ways to manage their money. Nearly 75% of users surveyed feel relieved at the prospect of using digital P2P to settle small debts. The same amount doesn’t like to deal with checks.