PayPal the leading provider of digital money transactions on the Internet who single-handedly dominate the entire virtual world payment system is planning to expand its territory and bring its dominance in the real world and compete against credit cards.
In an interview with the Wall Street Journal Paypal president Scott Thompson called the initiative a “top priority”. “The tide is coming in and we will take advantage of that.”
Smartphone manufacturers are really wanted to get its foot on the world of point-of-sale transactions. The payment system technology has already been implemented in other countries and most part of the world, but here in the U.S. consumes either use their Visa, Discover or Amex credit card if they wanted to purchase something.
PayPal, owned by online auction giant eBay, currently offer payment option to their patrons to use their electronic funds in real-life stores, through utilization of MasterCard debit card. But things will be different after the implementation, as PayPal cut out the middleman and power the POS sales itself.
With annual revenues of around $3 billion and more than 220 million active users, it is no doubt that PayPal has a capacity to compete against plastics. PayPal are expected to provide more details regarding he issue on the company’s annual conference in October.