PayPal is going to showcase a new feature of
its mobile wallet service during SXSW Interactive, the annual new
technology festival in Austin, Texas.

PayPal’s vice-president for global product and
experience, Sam Shrauger, announced in the
company’s blog
that he will be giving attendees a demo of a
“completely redesigned and re-architected the PayPal wallet”.

Shrauger says on his blog that it is “an
intelligent wallet that will do for digital money what internet
mash-ups did for digital information”.

 According to Shrauger the new features
of PayPal’s wallet include:

  • Separating the purchase from the
    Consumers will have a 5-7 day grace
    period after a purchase to change their minds. They can buy an item
    and decide later how to pay for it.
  • Personal Lists: Consumers can
    search for items, compare prices and create lists of products they
    would like to buy. 
  • Found Money: The wallet
    service will find deals and coupons for products based on the
    user’s personal list once they go into a store.
  • Spending Rules: The wallet service also works
    like a personal financial management tool with which users can set
    travel funds, set their own rules for
    purchase limits, and decide which payment instruments they want to
    use at specific merchants. According to Shrauger, this will be “all
    in your wallet, without setting up any new bank accounts or opening
    any new credit cards.” 

PayPal expects to launch the announced
features by May this year.