Menu
Megan Fox works with James Franco in Zeroville

Megan Fox to work with James Franco in Zeroville

Minka Kelly is Dating Captain America Star Chris Evans

Minka Kelly is Dating Captain America Star Chris Evans

Jerry Seinfeld Teases Season 5 of Comedians in Cars Getting Coffee

Jerry Seinfeld Teases Season 5 of Comedians in Cars Getting Coffee

Samsung Galaxy S5 to get Android 5.0 Update in December

Samsung Galaxy S5 to get Android 5.0 Update in December

Jenny McCarthy Dishes on Donnie Wahlberg's Penis

Jenny McCarthy Dishes on Donnie Wahlberg's Penis

PayPal Exec: NFC Is Not The Future

Feb 14 2012, 3:40pm CST | by , in News | Android

PayPal Exec: NFC Is Not The Future
 
 

Online payment provider sees things beyond NFC

When it comes to alternative payment methods, PayPal is pretty much the leader right now, but when NFC comes to fruition will it be overshadowed? The company says no.

Over the last several years, Paypal has built up an incredible brand in a market where it has almost zero competition - an alternative way to pay for products and services that doesn't involve using a credit card.

The alternative payment provider has even dabbled in the world of retail stores, offering dedicated terminals at select pilot locations. It perhaps has the most to lose if an advancing technology like NFC (Near Field Communication) takes over.

Paypal has actually developed its own NFC app that allows users to tap two phones together to transfer money to and from their respective Paypal accounts, but the company says this is not where the evolution of payments lies.

The whole point of NFC is that you can use your phone instead of a credit card at retail point-of-sale locations. It's simple, since the technology to accept this form of payment already exists in thousands of stores around the country.

But Paypal mobile VP David Marcus says in the future, the very idea of a payment terminal may be obsolete. "By the time NFC catches up, we’ll be in a world that will move away from the point-of-sales terminal," he said in a recent interview with Allthingsd.com.


There is clearly a paradigm shift underway. For decades and decades and decades, to buy something at a store you either had to have cash, a checkbook, or a credit card. For the first time since the inception of plastic payments, new ways to pay are emerging, and whatever may end up being the new standard is still a win-win situation for consumers.

Recommended For You

Megan Fox Scores Next Big Role

Megan Fox Scores Next Big Role

10 hours ago, 1:47pm CDT

Lady Gaga Profiled

Lady Gaga Profiled

10 hours ago, 1:33pm CDT

Paris Hilton slams Deadmau5

Paris Hilton hits back at Deadmau5

10 hours ago, 1:26pm CDT

Black Friday 2014 Update

Black Friday 2014 Update

14 hours ago, 9:39am CDT

Comments

blog comments powered by Disqus