PayPal Focuses on Mobile Payments

According to the reports, PayPal is now increasing it focus on Smartphones for its online payment service.

Keeping in view the problem that mom-and-pop outfits have in accepting mobile payments, PayPal announced a new project called “Titanium+Commerece” on Tuesday at a company conference. It hopes that the new project helps to bridge that gap quite effectively.

A development platform is partnering with PayPal on this initiative called Appcelerator. A vice president of marketing at Appcelerator, Scott Schwarzhoff says, “This project is a great favor to merchants if they can strengthen tighter relationships before, during and after transactions with their customers.”

The basic aim of the Titanium+Commerece is to go beyond the simple payment processing. It allows its merchant to design custom apps that will run across various mobile platforms such as Android and Apple’s iOS (AAPL, Fortune 500) and Google’s iOS (GOOG, Fortune 500). Merchants will be given the authority to add their choice of capabilities such as online coupons, daily deals, purchases of real and virtual goods and much more.

The project launched in its beta version on Tuesday and it will be available to PayPal’s eight million merchants in first six months of 2011.

With this project, customers will not have to enter their credit card number for each transaction, they just simply need to login with their PayPal account. PayPal’s mobile services will be there to share deals with their friends.

Scott Schwarzhoff says that for big companies it is relatively easy to put in a lot of manpower on mobile strategies. But we want to make it simpler for the corner store to do the same things in an effective way.

These things may not be of any value in the past, but today these have become the major ingredient of every business. Mobile commerce is on rise and this can be clear from the research conducted by a New York based ABI Research that by 2015, mobile commerce will become a $110 billion field.

Although, PayPal is working in collaboration with Appcelerator, it still wants to play key role for this project. EBay (EBAY, Fortune 500), a parent company of PayPal joined in funding with $9 million.

In this regard PayPal also signed a deal with business focused payment process VeriFone on Tuesday. Its aim is to integrate PayPal into its PayWare mobile credit card swiper.

Seeing the popularity of PayPal mobile payment system, credit card companies such as Visa (V, Fortune 500) and MasterCard (MA, Fortune 500) have made separate moves to help their customers to make mobile payments.

Growing groups are also hoping to cash in with mobile commerce such as Newbies including Square (hardware add on that turns iPhone into credit card reader) and Venmo (a pay by text service).

Enjoyed this article? Submit your email to receive daily news and updates.

***You must click confirmation link sent in email. If you don't see the email, check spam folder.

Filed in: Web Tags: , ,

Leave a Reply

Submit Comment

© 7566 Tech Readers. Reproduction without explicit permission is prohibited. All Rights Reserved. XHTML / CSS Valid.