Today PayPal is launching a new peer-to-peer payment platform called PayPal.Me. Now PayPal customers will be able to setup their own profiles which include a customized URL (i.e. paypal.me/Anthony), which can be then shared via text, email, on instant messenger, social media or anywhere else as a way to request money.
This is not the first peer-to-peer payment space of course. Aside from Venmo, a mobile app owned by PayPal, PayPal.Me is very similar, if not identical to Squarespace’s Square Cash. Both platforms allow you to send funds using a customized hashtag, or cashtag in this case. Either way both services allow you to do things like pay back friends for money borrowed, split a check, etc.
The company today has 170 million active users worldwide, who already use PayPal to send and request money. With PayPal.Me, the idea was to create a mobile-first user experience that makes sending/receiving money so much simpler and faster than with the company’s traditional tools.
PayPal.Me doesn’t eliminate the need for actually asking for the money of course, but it offers an easier way for those that need to send payment. According to Meron Colbeci, PayPal’s Senior Director of Global Consumer Products, PayPal.Me will not replace the older experience offered via the web, but instead will just be another option for users.
Unlike the traditional experience, using PayPal.Me is far less steps. In the past users would have to login to PayPal’s website, access the “Request Money” feature, then enter in an email address to create the request. But PayPal.Me lets you simply share the link.
The link itself is super simple to remember, as users will claim their own usernames on the service (i.e. paypal.me/Anthony.) After setting up your username, you can also customize your profile theme and specify whether you’re using the link for payments between friends, or professional purposes like goods and services. To get paid, you just send your link to a friend who clicks it, logs in with their PayPal info, then completes the payment on one screen.
To make it even easier on those paying, you can also include a number to the end of a personal link to pre-fill in the correct amount. For instance, paypal.me/username/100 would ask for $100.00.
I find it a little odd PayPal didn’t roll out a dedicated mobile app for this, as of now it’s accessed via the web but the site is mobile friendly, and alerts about payments are sent thorough email as well as push notifications for those with the PayPal app installed. Payments from one PayPal account to another are immediate, though funds going to a bank account will take more time.
I suggest you guys sign up now to secure your desired username as soon as possible, you can sign-up now atPayPal.me.