Value of offering Mobile Payments

Not so long ago, a mobile phone was for making calls, sending texts and not much more.

Over the last decade, the rise of the smartphones has changed the way we use our mobiles. This change has paved the way for a huge number of new opportunities and ways we can be connected while on the move – with stats showing most of us make payments and do banking increasingly from our mobiles.

PayPal has redesigned its mobile payments app, emphasizing features that make transactions easier and streamline purchases based on location (see video). In addition to offering $100 worth of in-store deals, the app lets you “order ahead and skip the line” at eateries, pay restaurant bills without engaging the server, and eliminate the credit card companies by opening a line of credit with local merchants.

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Such change can offer up new commercial opportunities for new businesses to seize on the simplicity and power of mobile payment functionality.

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