PayPal has unveiled a new product called PayPal.me that will let users get paid through a customized web address.
The user sets up a link through PayPal and then when contacts need to send funds all they have to do is go to his/her PayPal.me page, log into PayPal, and pay the person.
PayPal senior director of global consumer product management, Meron Colbeci, said PayPal conducted a study revealing that people in the U.S. are owed a massive $51 billion in small peer-to-peer debt.
The idea behind PayPal.me is that people will be more likely to pay you back if, when you’re reminding them to pay up, you include a blue link to a place where they can do just that.
“About 50 percent of Americans say they have small debt from friends and family that is owed to them,” he said.
Businesses that set up a PayPal.me site will pay the same fee they pay through PayPal (2.9% + $0.30 per transaction in the U.S.).
Starting today, users in 18 countries will have access to PayPal.me. Meanwhile, Square Cash, with its Cashtags feature, is only available inside the U.S.