For a long time now, Xbox users have been able to perform purchases on Xbox LIVE with credit cards and PayPal. However, PlayStation users haven't had this privilege. This now comes to an end, since Sony finally integrated PayPal as a billing option under the PlayStation Store, which means you can directly fund your purchases within your PlayStation console.
Having the option to pay with PayPal for Sony Entertainment Network is not something new, since they had the option through the website since January, but the fact that you can now perform purchases directly from your console through the PlayStation Store is actually new. However, users will be capped at $150 for the amount of money they can have in their account. This way Sony 'controls' users so that they don't go out of control buying games and other digital items.
This cap Sony added is also being referred to as a 'wallet', which holds up to $150. With these funds you can purchase any digital content you want from the PlayStation Store and, once your account drains, you can always add more funds and continue your spending spree. If you have a credit card linked to your PayPal account, the transaction will be made immediately. But if you don't and you only have your bank account linked to your account, the transaction may take around 5 days.
"Your 'wallet' can be used to purchase games, add-ons, movies, TV episodes, and more from the PlayStation Store."
Personally, I think this new option will encourage gamers to purchase more digital content through the PlayStation Network, since they won't need to visit their local store in order to purchase PlayStation Store cards.
So tell us, what's your opinion on this new method to fund your PlayStation Store purchases and will you be using it?