July 13, 2011 06:54 pm EDT

PayPal announces phone-to-phone NFC support, cuts eyes at Google (video)

Still eager to do business with a company that'll lock your account on a whim and side with the buyer regardless of the facts? Splendid! If that's you, PayPal would love for you to know that it has announced a new phone-to-phone NFC payment application at MobileBeat 2011, offering Nexus S owners the ability to request and transfer funds between handsets. As of now, the functionality is quite limited -- there's just a single smartphone with the hardware capabilities to take advantage, and there's no phone-to-anything not a phone supported as of now. In other words, this isn't exactly a Square killer just yet, but it's definitely something for the sued folks at Google to pay attention to. We're also hearing that P2P transactions through PayPal are gratis "if using a bank account or existing balance in the customer's PayPal account," but no one's coughing up details on what'll be deducted in the form of fees when using a different method of payment. A video demo of the 48 second transaction awaits you after the break, but sadly, there's no details on how soon it'll be made available to the public.

Continue reading PayPal announces phone-to-phone NFC support, cuts eyes at Google (video)

PayPal announces phone-to-phone NFC support, cuts eyes at Google (video) originally appeared on Engadget on Wed, 13 Jul 2011 14:54:00 EDT. Please see our terms for use of feeds.

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