PayPal’s new app wants to replace your wallet

PayPal’s Android and iOS mobile apps have received a major update today. The entire feature set and interface has completely changed in an attempt to get consumers to use PayPal as a one-stop-shop for all their banking needs. You can now pay for items before you go to the store, transfer money to your friends, and look up deals near by. The app is like a combination of Google Wallet and Foursquare, but a bit more powerful.

• Download PayPal for Android
• Download PayPal for iOS

When you launch the new PayPal app, you’re greeted with a page of local shops and restaurants. Icons on the right tell you what types of services they support from PayPal. For example, Home Depot supports the service, allowing you to pay for items in the store by simply telling the cashier you’re paying with PayPal. The app will beam a picture of you to the store’s POS system to let them easily identify you. Then you can just walk out with your product.

Offers are also a great addition since they are automatically applied when you use PayPal. Foursquare, on the other hand, has no payment mechanism built into the app so users still need to alert the shop or restaurant that they’ve “checked in” in order to redeem the offer.

Still, PayPal has a long way to go before mobile payments and digital wallets are widely used. Sliding a credit card is still one of the simplest and quickest ways of paying for something. PayPal still requires you enter your password on your phone or requires you to use your PayPal pin number in the store. While it’s convenient to shop from your phone, when you’re in a rush, the credit card still offers a better experience.

Download PayPal for Android and iOS.