Within PayPal X Innovate 2010 it has been announced that VeriFone’s PAYware Mobile card encryption will fusion with PayPal payment. The following steps upon the informed integration will be the VeriFone’s efforts and sustainability to promote PayPal and Bump acceptance and promotion.

Moreover, PayPal announced that in the subsequent implementation it will use VeriFone’s PAYware Mobile users base. On the other hand, PAYware Mobile App will ensure PayPal Bump to support and use the technology that enables iPhone users to bump their phones between them and to transfer money.

The converging market of both online and offline payments sector will be fastened and the benefits will be on either side: as consumer and as merchant. The vice president of PayPal has confidence in the integration of the two platforms, that is expected to be available in a year time „(…)both merchants and consumers will benefit, upon integration, from the ability to use the mobile wallet anytime, anywhere.”

VeriFone also included some parts of the Private Securities Litigation Reform Act, which state the fact that the global leader in secure electronic payments solutions is due to conduct the implementation under the current expectations, but in the same time, the company is not responsible for any unpredictable future change in circumstances.

Mobile banking and payment tools are really expanding as of late.  A number of competing services are adding features and functionality to their apps and products, including competitor Square‘s most recent update for iPhone 4 users.  PayPal itself has been making a number of updates, such as picture check-cashing and heightened security for mobile users.