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May 30, 2012 02:38 pm GMT
TodayPayPalopened up a new front in its strategy to expand its role in mobile payments, a business PayPalprojectswill generate it $7 billion in revenue this year. The eBay-owned payments company todaylauncheda new retail mobile payments app for iOS and Android devices,PayPal InStore, where users can create barcodes that get scanned to deduct payments from users' PayPal accounts. Available only in the UK,clothing chainsCoast, Oasis, Warehouse, and Karen Millen are the first to sign on to the service, and PayPal tells me there are no plans to add NFC to the app any time soon.PayPal InStore underscores some of the challenges that remain with NFC technology. Yesterday, Gartner presented a picture of a $172-billion mobile payments industry that is still largely based around older technologies like SMS and web-based payments, with newer services like NFC chips playing a very marginal role. AndJuniper Researchtoday noted thattransactions made on NFC phones in North America and Western Europe will account for less than two percent of all mobile payments this year.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/FV6Md0BUCtk/
Updated: Baby Steps To NFC: PayPal InStore Hits The UK, With Barcodes, No NFC, In Sight
TodayPayPalopened up a new front in its strategy to expand its role in mobile payments, a business PayPalprojectswill generate it $7 billion in revenue this year. The eBay-owned payments company todaylauncheda new retail mobile payments app for iOS and Android devices,PayPal InStore, where users can create barcodes that get scanned to deduct payments from users' PayPal accounts. Available only in the UK,clothing chainsCoast, Oasis, Warehouse, and Karen Millen are the first to sign on to the service, and PayPal tells me there are no plans to add NFC to the app any time soon.PayPal InStore underscores some of the challenges that remain with NFC technology. Yesterday, Gartner presented a picture of a $172-billion mobile payments industry that is still largely based around older technologies like SMS and web-based payments, with newer services like NFC chips playing a very marginal role. AndJuniper Researchtoday noted thattransactions made on NFC phones in North America and Western Europe will account for less than two percent of all mobile payments this year.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/FV6Md0BUCtk/
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