Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.PayPal is giving the world a sneak peek at its next-generation payment technologies and showing how it will compete against emerging digital payment solutions from credit card stalwarts MasterCard, Visa and American Express and mobile payment newcomers such as Google, Square, Jumio and Obopay.
While mobile payments feature heavily in PayPal’s forward-thinking solution, PayPal president Scott Thompson insists that "we’re not just shoving a credit card on a phone."
"PayPal is re-imagining money and making it work better for merchants and consumers – whatever device you’re on, wherever you are in the world, and however you prefer to pay (whether that’s cash, credit, or installments)," he says.
PayPal is investigating the use of geo-targeted mobile advertising that pops up when consumers walk by a shop, in-store barcode scanning, and flexible point-of-sale payment technology that lets people skip the queues when they pay electronically for their purchases and rewards them for doing so with loyalty points or rewards.
Additional in-store features would let consumers search other local stores for an item they’ve found in store that’s not currently available in their size. PayPal customers would also be able to change their mind about payment options (do I have enough money in my transaction account or should I put it on my credit card or pay for it in installments?) after they've checked out.
Unlike Google or Square’s payment systems of the future that require users or merchants to have special terminals or NFC technology, PayPal’s solution doesn’t require any special equipment.
According to All Things D, Thompson said that "[w]e can’t be so bold or arrogant to think that you’ll adopt to the standards we've created. If we said throw away your terminals and get a new one, or buy a new phone … no one has that level of influence and pull."
In July PayPal predicted that wallets (as we know them today) will be obsolete by 2015 as consumers switch over to mobile payments.
PayPal has released a video showcasing "The Future of Shopping" which can be viewed here: http://www.youtube.com/watch?v=V7q1jx8mYi8&feature=player_embedded.
You can view PayPal’s new products and services at the X.commerce Innovate Conference in San Francisco from October 12-13. Executives from companies such as eBay, Magento, Where, ShopSocially and Payvment will be at the conference to discuss their innovative payment solutions too.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments