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Like the new name; 'two tap' checkout definitely sounds like something I want.
Don't really see anything distinguishing it from PayPal. You can generate a PayPal button and slap it on your site for products and have it track inventory quite easily, and far more people have PayPal accounts so they won't have to register for a new service.
Two Tap is different than PayPal because:

* publishers/app devs can sell products from retailers inside their apps (users don't have to hit the merchant website). this is incredibly valuable, especially on mobile.

* merchants don't have to do anything to integrate us, and all the hard work is in on our end.

* TwoTap is a replacement for the whole checkout process, not only the billing part.

This means we can provide a unified buying experience on all platforms, at all points of sale, and provide a truly universal wallet.