PayPal shows off its long-awaited digital wallet (video)

PayPal finally demonstrated its digital wallet at a South by Southwest panel earlier today. The wallet will bring a slew of new features and payment options to the service.

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But if you couldn’t make it to the Austin barbecue and beerfest show, the company has also put a (much less exciting) version of its demo online.

In the video, PayPal vice president of global product and experience Sam Shrauger shows off what you can do with the company’s new wallet, some of which is surprisingly cool for a payments service. For example, you’ll be able to purchase something in a store and choose how you want to pay for it later. You can also set up rules to send specific purchases, say anything over $500, to a specific payment option.

The company gave us a preview of the digital wallet’s features last week, but this is the first time we’ve actually seen it in action. Surprisingly, Shrauger only shows us the desktop interface for the digital wallet, which looks like it will replace the standard PayPal.com user interface (good riddance).

I’m keen on seeing how the digital wallet will change PayPal’s mobile app though. From what I’ve heard, the company’s mobile digital wallet will just be an update to its existing app (that’s certainly an easy way to get existing users onboard).

Through the digital wallet, PayPal and its parent company eBay will continue their multi-pronged approach to nabbing themselves a share of the future payments market. The company is currently dabbling in NFC money transfers and carrier payments, and has recently expanded its pilot payments program with the Home Depot to include all of the store’s locations.