When mobile phones and tablets become standard members of society, it’s no longer surprising to witness how these gadgets and technology alter the way we perform our tasks, and predominantly, the way we live our daily lives. One of the hottest items in the zone today is mobile payments. The idea is fairly new to many, as we still use plastics and cash to purchase goods.
However, with the race to snatch the coveted kingship of this soon-to-be multi-billion dollar market heating up, credit cards and wallets may soon be extinguished all together. The larger-than-life developments within this realm may just expedite this adoption of the mobile wallet. PayPal, one of the global leaders in mobile payments, unveils the peer-to-peer (mobile-to-mobile) payment functionality for Android users.
In a PCworld.com article, PayPal Mobile Senior Director Laura Chambers noted how consumers’ interest in mobile payments spurs growth of the business.
“But at PayPal, we’ve said all along that consumer behavior won’t change unless we’re able to offer an experience that’s truly better than what’s available today,” she says.
The new technology from PayPal works a lot simpler that it sounds. With the use of the NFC technology, you just have to do three things: tap phones, hold, and wait for the buzz—and there goes your mobile payment.
PayPal in particular has been very active in beefing up their portfolio to get ahead of this trend. Top this with the support they got from eBay’s acquisition of Zong, and you can see where the company is headed. Days before the end of second quarter this year, PayPal’s number of active users reached the 100-million mark, a testament of a brighter future. It is also revealed that the online payments mogul will be bringing NFC to the land down under, Australia, in a few month’s time.
This new widget for Android will be available for Samsung Nexus S phones users at the moment. PayPal is still in the works of launching mobile-to-mobile payment in a much larger scale. As we move towards automating the world and digital currencies, to be carried by companies such as PayPal towards global acceptance, banking and other industries will need to hasten their own technology integration for the mobile realm.