Published in News

Paypal enters the payment market

by on03 March 2015

 
All that experience...

Paypal is entering the online payments market and is taking on those in the Tame Apple Press who are trying to carve out a niche for their favorite toymaker.

Paypal had been widely expected to come up with something, it has been doing financial transactions for ages and has all the right contacts, both with the banks and retailers. This of course has not stopped the Tame Apple Press claiming that Paypal has copied Apple – which is much more experienced in this sort of thing.

The company has just acquired Paydient, an organisation specialising in mobile payment apps that is already quite widely used in the US. Already that experience looks like it will put the fear of God into Apple. Instead of creating a PayPal Pay-type platform, the company will offer merchants the opportunity to create their own "wallets", which can process payments by NFC or QR code. It will also accept loyalty points and private-label cards, and work across all mobile operating systems, PayPal said.

This is much more open than what Jobs' Mob is offering and could make this platform more acceptable to retailers, payment processors and banks. Additionally, PayPal and Paydient are already several steps ahead of the game when it comes to in-store payments.

PayPal is already accepted as a mobile payment method in shops both here in the UK and in the rest of the world, and Paydient is already an established mobile payment technology in the US. The acquisition, PayPal said, will spread Paydient's technology across the globe thanks to its international network. By extension, this of course means PayPal's global network will be enriched by a new layer of in-store payment technology.

The acquisition is expected to close in late March or early April, after which time we can expect to see PayPal rolling out Paydient technology more widely. 

Rate this item
(3 votes)

Read more about: