NFC, or Near Field Communication, to entice consumers to pay for merchandise and services with their smartphones. Google has their Google Wallet, Mastercard has their PayPass Wallet and Visa is pushing their V.me digital wallet service.
But PayPal, who has been around over 10 years in the online payments arena, is now turning their attention to offline retailers and small business. According to PayPal executives, this market is 17 times larger than the online sector.
They launched "PayPal Here" in March as a mobile payment solution that allows small business to accept almost any form of payment by using a free app and a small credit card reader for the iPhone and Android devices.
PayPal, who now list 110 million users, recently announced on their blog that they have joined forces with VeriFone and Equinox, the number one and number three point-of-sale terminal manufacturers in the world to include PayPal access. They also announced partnerships with 15 major retailers, including Toys "R" Us, J.C. Penney, Barnes & Noble and Home Depot, a $17 billion dollar retailer who has adopted PayPal in about 2,000 of their stores.
While the NFC technology is likely to continue to grow and gain acceptance, several major retailers are already banking on the PayPal solution for mobile commerce.
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