PayPal has climbed to the top of the digital payments services list a long time ago. Its new endeavors to introduce money transfer via a shared link for all U.S users have gained it huge accolades.
The PayPal owned social payments app Venmo has managed to hit $2.4 billion in total payments made using the app.
Over the last two years many competitors have tried to come up with similar peer to peer payments options including Square, Snapchat and Facebook. However studies show that about 73% of American adults who use online services to transfer money trust PayPal; which gives it a distinct edge above its competitors.
Although much similar to Venmo, PayPal.Me targets a global user base. Whereas Venmo is known for its popularity among the U.S bank customers and credit plus debit card users only, with PayPal.Me anyone and everyone can send and receive money on the go. Just take out your smartphones and access the app to request money. The company already boasts of 170 million users from around the globe.
What most of us ignore and then forget are the IOUs. PayPal conducted a study on the matter and found out that about $51 billion is forgotten in total by adults in this manner. However most of us feel too awkward asking for these small amounts. Although PayPal does not eliminate the asking process, the new generation of PayPal app make it easier to receive the payments back. It involves fewer steps than before and all one has to do is sign into PayPal and use the “request money” option and input the recipient’s email address to send the link.
So what are the advantages of this new PayPal.Me service?
- PayPal allowed users to transfer money online securely by using a verified email address. However this new service enables the users to send a permanent link which can be sent to people.
- The link can be sent using various paths including email, text message, WhatsApp etc.
- For all users inside U.S using a bank account the transaction is free.
- For users using a credit card a surcharge of 2.9% is involved.
What can PayPal.Me be used for?
The simple link (PayPal.Me/YourName) can be sent to anyone via your preferred mode of communication. It can be used for multitude of purposes:
- If you have your own business, big or small, you can get quick payments for your services and delivery.
- It is ideal for online shops and services.
- It is a unique way to send and receive birthday or Christmas cash from your family and friends.
- Easiest and most cost effective way to pool in money for special occasions, charities and events.
From family to business, transfer money without any trouble:
You can use the PayPal.Me account to pay for all your services then go with Goods & Services options with your eyes closed. After paying a nominal PayPal fee (2.9% + $0.30) you will be able to offer your customers secure transactions vie PayPal Purchase Protection for authorized items.
If you have a PayPal account and you want to receive money from friends or chip in for a family event like a poolside barbeque or your parents’ anniversary then go with the Friends & Family option.
What countries can you receive the payments from?
If you have a business account with PayPal.Me then in return of a nominal fee you will be able to receive payments from all over the world. However it is advisable to take a look at the standard fees since the amount tends to vary from country to country.
In case of a Family & Friends account you can receive money from any part of the country you are in. the services for the Friends & Family account is completely free for any number of transactions.
In any case, as soon as you receive the payment it goes straight into your PayPal account. This money is good for buying things online, in stores or even forwarding to friends. Linked bank accounts are required in case you want to forward money to your account.
Is a PayPal account required for creating a PayPal.Me link?
Absolutely not. You do not require a PayPal account to create a PayPal.Me link. You can simply create one as you sign into PayPal.Me.
There are a few details you will need to provide though which include:
- Your name
- Your address
- Your contact details (phone number and email address)
- Choose a password and create two security questions for account protection and you are good to go!
All users can claim their own links and usernames, which make it extremely easy to remember. Your PayPal profile and theme can also be customized according to your choice. You can specify whether you will be using the link for business purposes or for sending it to friends and family.
Once a person receives the link, he or she can simply click on it and log into PayPal with their own account info. They can simply complete the payment on the same screen and may even include a personal note if they choose to do so. You can also suffix numbers to your link to give a hint about how much to pay. For example: PayPal.Me/YourName/100 would ask for $100.
Can a payment made using PayPal.Me be cancelled?
You can only cancel those payments which have an “Unclaimed” status. In case of a completed payment you will not be able to cancel it. However you may send in a request for a refund to the recipient to reverse the payment made.
What happens if you forget your password?
Do not sweat it. In case you forget your password PayPal asks you to repeat your security questions and you can use them to log into your account and set a new password.
What are the charges to set up a PayPal.Me account?
Signing up with PayPal.Me is absolutely free. It will not cost you a dime to create a new account with either PayPal or PayPal.Me.
There are a number of unique features which are about to make PayPal.Me the most used transaction tool of this year. This is one of the very few web based apps which are also mobile optimized. You can receive constant alerts throughout the day via your email as well as push notifications if you have your PayPal.Me account installed.
PayPal.Me is currently awaited in 18 markets around the globe including Belgium, Norway, Sweden, U.S, Canada, Germany, Australia, Russia, Turkey, France, U.K, Poland, Italy, Spain, Netherlands, Denmark, Switzerland and Austria. According to PayPal’s latest reports the service is now intended as a 1.0 product as they first want to test the user’s reaction to this web based transaction service.
The future versions are expected to integrate PayPal’s instant checkout service One Touch to eliminate the logging in step where the users need to provide their usernames and passwords. This will let the users stay logged in across multiple sites. Eliminating one extra step will help in making the transactions faster. Further improvements from feedbacks may include updated friendlists which can be accessed by the app to send payment requests. This will bring a social element to the new service.