With the launch of its new technology, PayPal promises to be wherever consumers are, whether online, offline or on the move (while keeping the discounts and rewards flowing).
Scott Thompson, PayPal’s president, wrote in his most recent blog: “PayPal is reimagining money and making it work better for merchants and consumers—whatever device you’re on, wherever you are in the world, and however you prefer to pay (whether that’s cash, credit, or installments).”
The video on the PayPal blog demonstrates how the technology could be used:
The new technology (which will be announced further over the coming months) will see PayPal expand its role in the purchase process, from viewing mobile ads geared to the shopper’s location before entering a store, scanning a bar code while in a store, using PayPal’s inventory search to find a product, paying for the product, and also managing the payment of the purchase via a consumer’s virtual wallet.
“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,” said Thompson.
PayPal also plans to incorporate itself into bricks and mortar stores by offering consumers payment options including tapping their phone on a payment terminal or paying in-store with a mobile device without having to wait in line at the cash register.
PayPal also plans to integrate QR codes with its payment options, which would allow shoppers to receive in-store discounts.
While details of the proposed technologies are still under wraps, they look set to add another dimension to the ever-changing multichannel landscape.