Paypal Taking Payments Brick And Mortar

According to The Week, Paypal is preparing to bring their payment system into a store near you.

How does the payment system work?
Instead of swiping a credit card at the cash register, customers can enter their mobile phone number and a pin to access their PayPal account. In some stores, customers can use a PayPal app on their smartphone to “check in” to the store and seamlessly charge their account, which analysts say is the model that PayPal will likely build on in the future.

What’s in it for retailers?
Participating retailers — which include Abercrombie & Fitch, Barnes & Noble, Foot Locker, JC Penney, and Toys R Us — are pretty hot on the idea because PayPal will share data with them about their customers. “More data can be collected and used to better target shoppers, which, in turn, will encourage them to use PayPal more,” says Helen Leggatt at BizReport. Company officials say PayPal plans to expand its physical business rapidly in the next year or two.

Do you think it will be successful or flop?

Photo by richiemontalbo

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