PAYPAL READY TO FAIL AGAIN
Paypal has done away with the NFC capabilities of their app they just added last year. For those that may not be aware, last year Paypal released a new form of peer to peer Paypal payments that allowed you to pay someone buy tapping your phone against their phone. I said it then and I’ll say it now, that was and is a stupid idea. I don’t want to tap my phone to pay my friend who’s standing in front of me, and I’d think most people would echo my sentiments. Unsurprisingly that functionality was a massive failure and Paypal has now pulled out of the NFC race. Instead now Paypal wants to move forward with a mobile payment solution that does not involve the use of NFC. Their concern with NFC is that retailers with NFC capable terminals are not very widespread yet. Paypal’s vision instead is for you to be able to go to the checkout counter, select Paypal as a payment option, input your phone number and then a pin, and then your purchase is complete. A receipt would then be emailed to you. While this may sound nice in theory, Paypal would still face the exact same problem NFC faces today, there wouldn’t be very many retailers with compatible terminals. I don’t see very many retailers going out and upgrading terminals just for Paypal. Chalk this one up as another Paypal effort that will fail miserably.
Source: Wall Street Daily