Payment group PayPal announced a range of new features last week including a push for technology that will allow users to make purchases using their smartphones, but without NFC tech.
President Scott Thompson wrote in a blog post that rather than adopting NFC such as Google, MasterCard and Visa, PayPal will be taking a different approach.
“Let’s be clear about something – we’re not just shoving a credit card on a phone,” Thompson said.
The new system will allow mobile devices to scan product codes and then authorise payments through a mobile account.
“The act of paying for something should be as seamless as your decision to buy it. The future is about creating real consumer choice, flexibility and control over how people shop and pay. And with PayPal, the future of money is already happening,” he said in the blog.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
