Banks are starting to facilitate the exchange of quick cash between family and friends. But digital payment provider PayPal isn’t going to get left out of the quick-pay competition.
It has announced a new service dubbed PayPal.Me that the company says makes it easy and fast to get those IOUs from friends, family and even customers. Or you can collect money from co-workers for a specific cause, or get them to chip in for an engagement present for another colleague.
How big is this market? PayPal itself answers that question.
“Currently, adults worldwide are owed more than $51 billion in IOUs (unpaid, small debts) from friends and family, according to our recent PayPal Money Habits Study,” PayPal states. These billions of dollars go unclaimed because people hate spending the time to chase down debts, and have those awkward face-to-face conversations, PayPal says.
It works like this: You send a link you can personalize with your name (for example: paypal.me/john) and send to groups of friends. Recipients click on the link and the payment is sent.
“It’s an instant, safe, unique link that works on any device no matter where you’re talking to people – in a text, email, instant messenger, social media post, blog, or on the web,” says PayPal in a blog post.
Here are the three steps:
- Share your personalized PayPal.Me link in a text, over email, instant messenger, social media post, blog, or on the web.
- Recipients click the link on any device no matter what mobile phone, tablet or computer they are using.
- Recipients enter the amount, hit send and the money is on the way… that’s it! The money is quickly transferred into your PayPal account.