PayPal unveils future payment technologies
By UK CreditCards.com
PayPal has given consumers a glimpse of its forthcoming payment innovations, which will provide a far wider range of services than its existing online offering. The announcement was made by president Scott Thompson on the company's online blog.
Here, CreditCards.com takes a look at the planned payment technologies, which PayPal hopes will help it to compete with credit card giants and mobile payment companies alike.
embraces shopping evolution
The global shopping scene is changing thanks to consumers' ability to shop online at all hours of day or night, according to Mr Thompson. "The intersection of smartphones, social media, online and offline shopping has put the consumer squarely in control," wrote the PayPal president in the blog post.
To accommodate these changes, PayPal is preparing a raft of new payment technologies that should improve the shopping and buying experience. "And ... we're not just shoving a credit card on a phone," wrote Mr Thompson.
products and services on the horizon
PayPal plans to roll out a "one-stop shop" so that retailers are able to engage with their customers at every stage of the shopping process. Demand will be generated through location-based offers; payments will be accessible from devices other than mobile phones and customers will benefit from greater flexibility, even after completing the check-out process. For instance, consumers will be able to scan barcodes with their mobile phones to pay or search other local stores for different sizes or varieties of a product. It will also be possible to skip queues by paying electronically in-store and receive loyalty points for doing so.
flexible payments' the key objective
Mr Thompson explained that the goal is to make the act of paying "seamless", while creating consumer choice, flexibility and control over how they shop and pay.
"The fact is you've got to have more than just a shiny new technology to really change the way people shop and pay. We all know that shopping is fun but paying is not. Nobody likes to stand in line. Nobody likes waiting for their bill at the restaurant. At PayPal, we want to free you from the cash register," wrote Mr Thompson.See related: Smartphones to get secure fingerprint technology; Consumers using smartphones to shop
Published: 19 September 2011
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