PayPal Takes On Passbook With New Loyalty Card Feature

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What's Next In Payments®
7:00 AM EDT July 16th, 2014

PayPal has updated it’s iOS app to version 5.5, and with that comes a new ability for users by providing an mWallet home for loyalty cards from a long list of selected retailers, emulating the Apple Passbook already installed in the phone.

The new release of the PayPal app will allow users to choose from supported companies and scan the barcodes on loyalty or discount cards they already have.  From there, the data are stored in a digital wallet. This update puts PayPal in competition with Apple’s Passbook application, which essentially does the same thing, though it does not have the payment’s capacity as the PayPal mWallet—or at least it doesn’t yet, anyway.

The update also includes bug fixes and removes the ability to scan a check using the device’s camera.  That function used to allow user to deposit money into a PayPal account, though PayPal announced they were discontinuing that service a few weeks ago. Transfers of funds from bank accounts to PayPal are still allowed.

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