August 31, 2010 by Andre
Online payment giants PayPal have announced new plans to operate their services without the need for customer and client’s credit card details, in a bid to increase their reach and revenue. Their future goal is to become widely accepted as a primary payment facility, meaning that there will be no need for service users to deploy the use of cards to make payments, opting instead to simply reference their PayPal accounts when making purchases. The most likely way for this to take place will be by swiping a mobile phone across a reader.
PayPal hope in time to become more widely used than credit card organisations, giving them access to over two billion dollars which these firms generate every year through payments. They are confident that this can be achieved, following their success on transforming internet shopping since they were launched twelve years ago.
PayPal’s primary success in this time has been in partnering with eBay, which enabled service users to make payments securely without fear of fraud. PayPal streamlined the online payment process through encryption, to make the service as easy to use as possible for customers.
Scott Thompson, the president of PayPal, commented: “We started on eBay and ventured into off eBay businesses but it was all e-commerce and that was where our focus was. Now the focus is not just e-commerce, it is online transactions. What fits into that that wasn’t in there before is everything from payments to not for profits, charities and government agencies and even, in my case, my son’s school accepts PayPal. Those are just some useful cases for you as a consumer and it just keeps going and going.”
“These new point of sale devices are about being at the end of a network and you being able to connect and any payments occasions in there are best suited for us. Eventually we [PayPal] will be everywhere that is online. If you are a customer of ours you should be able to use us anywhere on the internet and around the world.”
“Where are we going next is anything that is mobile, anything that is digital and lots and lots of e-commerce online payments. This is going to be big, really big for us. I believe what is happening here is the subscription based economy where I want to pay for it when I use it. I want to pay for it when I consume it. And I only want to pay for what I use, not pay for 100 of something and use 10.”
”We are big today but I would tell you that we are more innovative today than in the last five years. It is through innovation we will be more disruptive moving forward. Where we are in the growth of this business is we are just getting started. This is year one again.”
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