PayPal Releases New Easy Pay System; Co. Evolving the Industry (EBAY)
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There is a race right now to see which company can come up with the fastest and most convenient way to pay, while at the same time securing the users information. In this race, eBay’s (Nasdaq: EBAY) PayPal is looking to compete against the likes of Visa (NYSE: V) and Mastercard (NYSE: MA), and Google (Nasdaq: GOOG) in stores.
PayPal recently released a new paying system at a partner event in Rancho Palos Verdes, California. The company announced retailers and storefronts willing to adopt their new pay system would not have to purchase new terminals or adopt a new infrastructure. Users will not be required to go through a certain banking system or have a specific phone.
PayPal plans on launching a number of pilot projects later on in the year.
PayPal users will be able to enter their phone number and pin to complete a transaction, or they can swipe their own PayPal card, which doesn’t contain any of the user’s personal information on the outside, and then enter a pin. PayPal will have an app which allows the user to scan a barcode and automatically look up the item in store. For larger items, users can purchase the item in the middle of the store or while walking out without even going to the register.
Users will be offered coupons and other incentives from stores in which they purchased items at, checked into while shopping, or are in the area of.
Users will also be offered a direct line of credit instantly when using their PayPal account. Items such as TV and other fairly expensive items will be able to be purchased and paid in a series of six payments.
AllThings Digital said PayPal is able to have this exclusive method of payment due to patents they obtained from a series of acquisitions.
PayPal recently released a new paying system at a partner event in Rancho Palos Verdes, California. The company announced retailers and storefronts willing to adopt their new pay system would not have to purchase new terminals or adopt a new infrastructure. Users will not be required to go through a certain banking system or have a specific phone.
PayPal plans on launching a number of pilot projects later on in the year.
PayPal users will be able to enter their phone number and pin to complete a transaction, or they can swipe their own PayPal card, which doesn’t contain any of the user’s personal information on the outside, and then enter a pin. PayPal will have an app which allows the user to scan a barcode and automatically look up the item in store. For larger items, users can purchase the item in the middle of the store or while walking out without even going to the register.
Users will be offered coupons and other incentives from stores in which they purchased items at, checked into while shopping, or are in the area of.
Users will also be offered a direct line of credit instantly when using their PayPal account. Items such as TV and other fairly expensive items will be able to be purchased and paid in a series of six payments.
AllThings Digital said PayPal is able to have this exclusive method of payment due to patents they obtained from a series of acquisitions.
- BillMeLater allows PayPal to offer users and extended line of credit at any time;
- Milo allows look-up of inventory within stores;
- Where lets the company provide offers based on current location; and
- Zong patents allow the use of mobile payments using a phone number
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