A number of high street stores have already signed up to cater for PayPal’s newest invention to speed up the retailing process.
PayPal Instore is the app devised to take on the likes of Barclays and Visa and is said to have revolutionised the market through its ability to work without having Near Field Communication (NFC) functionality.
The online payment company has released the new app on to the iPhone and iPad, as well as Android smartphones, and mainly works in a similar way to its existing counterparts. It is not yet available on Windows Phone or Blackberry handsets but PayPal are said to be working on these models too.
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A unique barcode for products within the store will be produced on the screen, at which point the consumer will be required to put in a four-digit pin number. Once it has been confirmed with the retailer, the payment will then be taken straight from the person’s PayPal account, as is the case with all the apps on the market.
Initially, the app is set to be launched across four stores and they’ve certainly started big. Coast, Oasis, Karen Millen and Warehouse will all accept PayPal Instore from now on, while Westfield Stratford City in the heart of London’s Olympic Village will also adopt the device.
The manufacturing of a device that no longer needs NFC to purchase an item in-store is a groundbreaking method and will put pressure on rival brands to produce similar technologies in their systems.
Cameron McLean, Managing Director of PayPal UK has applauded the efforts of his team, and emphasises the significance of producing such an app that is ready to use instantaneously among both shoppers and retailers.
"Today's move underlines our view that mobile payments don't need near field communication technology to succeed.
"PayPal's 'pay by mobile' service works with the phones most of our customers already own. And our retail partner doesn't have to install new systems to take in-store mobile payments."