PayPal is an American international
Digital wallet based e-commerce business allowing payments and money transfers
to be made through the internet. Online money transfers serve as electronic
alternatives to paying with traditional paper methods, such as checks and money
orders. PayPal is one of the world’s largest internet payment companies. The
company operates as an acquirer, performing payment processing for online
vendors, auction sites and other commercial users, for which it charges a fee.
The eBay payment unit plans to
acquire Paydiant, a payments startup that licenses a technology platform used
by big retail chains to create their own branded mobile wallet apps. PayPal
will pay around $280 Million for the startup. Founded in 2010, Paydiant white
label platform is used by Subway and other retailers and banks to add payment,
loyalty, and digital coupon capabilities to their own apps. Its customer list
also includes MCX, a consortium of big box retailers led by Walmart that says
it will launch its mobile wallet app this year.
Competition in the mobile wallet
sector is heating up with the launch of Apple Pay, Samsung offering Samsung Pay
beginning this summer and Google teaming up with Verizon Wireless, AT&T and
T-Mobile to have its Google Wallet payment service built into Android phones
sold by those carriers. EBay has been planning to spin off its PayPal payment
business in the second half of this year.
In 2013, PayPal had acquired mobile
payment service Venmo. PayPal has also announced that its Here card reader for
mobile payments will soon support the wireless payment technology. The NFC
enabled version of Here will pair with phones via Bluetooth, and supports
traditional chip and PIN methods. The new NFC enabled PayPal Here Chip and PIN
card reader, which will start rolling out in the UK and Australia this summer,
and in the US later this year.
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