PayPal has finally taken the wraps off its digital wallet offering at the SXSW show in Austin Texas.
I go down Home Depot and pay for my washing machine in full on my debit card, using my PP Mobile Wallet. I then go home and think I'd rather have spent the money on beer, go to the PP web interface and click on the 3 month option. My debit card is then
re-funded to the tune of several cases of beer and the Home Depot is short by the same amount - that's like the digital equivalent of walking out without paying. What's more, it seems that the Home Depot must then wait three months before receiving payment
Am I with it so far ... ?
Between month one and month two, I loose my job and the bank stops paying for stuff on the Debit Card. The secoond and third payment requests are declined. The Home Depot is now out of pocket to the tune of two thirds of the cost of a day on the beer.
Who foots that bill?
Answers on a PP funds transfer to me, please.
I would also be very interested in understanding the Home Depot PP POS systems, if anyone can help.
© Finextra Research 2013