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Global Payment Processor Paypal Launches M-Payment Mobile Phone App For Small Businesses

Paypal launches its mobile phone app payment system "Paypal Here"While the big 4 online titans, Apple, Amazon, Google & Facebook, battle it out for a stake in the upcoming mobile payments boon that’s looking to ride on the back of the mobile phone revolution, one much small player may just steal the show with the launch of a mobile phone app and card reader.

Paypal recently announced the launch of its mobile payment service called ‘PayPal Here’. The service which will be particularly attractive to smaller business operations – Paypal’s intended target market – will allow a person to accept payments using just a mobile phone with their mobile phone app.

Paypal’s advantage over the bigger online players comes down to simple trust. In a Javelin survey of 5878 Americans, who were asked about mobile payment services and who they would go with, found that the critical ingredients of who they would prefer came down to trust, innovation and privacy. And that’s where Paypal faired much better than the big four.

PayPal Launches New Mobile Phone App Payment Service, ‘PayPall Here’

PayPal has introduced a mobile payments service dubbed ‘PayPal Here’. The service aims to allow small businesses to accept almost any form of payment. The service includes a free app and card reader, which turns any iPhone, and soon Android smartphone, into a mobile payment service. With PayPal Here, small businesses, service providers and casual sellers can send invoices or accept debit and credit cards, checks and PayPal. Merchants can accept payments by swiping cards in the card reader, scanning cards and checks using their phone cameras, or manually entering card information into the app. They can also send an invoice and set payment terms directly from the app.

PayPal has also released the latest version of its PayPal Mobile app for iPhone, a consumer app that complements PayPal Here. PayPal users will be able to use the “Local” feature on the PayPal app to find nearby businesses that accept PayPal Here. Once the customer is ready to pay, they can notify the merchant by a quick tap on their mobile phone. Merchants can use PayPal Here to accept the payment by referencing the shopper’s name and picture. Read the full scoop here.

In the UK, online payment service, Boku, launched its own near-field communication banking system (NFC) which will enable transactions to be carried out at the point-of-sale in stores. The system which will be white-labeled so that Mobile Network Operators may issue their own branded mobile payment service.

Boku NFC service which is accessible to subscribers online, through a mobile phone app and in-store, follows closely on the launch of Barclay’s Pingit mobile phone app which links a user’s mobile phone directly to their bank account. Barclays saw 20,000 downloads of its new money-transfer app in just 2 days and 120,000 within 5 days.

This is likely to be the decade of mobile with the huge growing popularity of smartphones as a the next best thing to carrying your computer in your pocket. Consumers are craving for all things mobile, anything that makes their lives easier and more convenient. And while mobile payment services are still at a very embryonic stage, it’s only a matter of time before mobile phone app payment systems really take off.

 

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