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article imageNew PayPal app could replace your wallet

By Jay McClung     Aug 10, 2013 in Business
San Jose - The smartphone has changed how we manage our daily lives at home and work. We reply to email, schedule meetings, video conference, watch movies, listen to music, play video games, and even pay bills with them.
It’s the wave of the future that we’re riding and some companies are adjusting quicker than others. The saying, “There’s an app for that” rings true with nearly everything and this includes keeping the essentials of your wallet or purse on your phone. All of that is about to change, however, now that PayPal has released its new app for the iOS, Android, and Windows OS smartphones.
The PayPal “InStore” app allows consumers to purchase items or food in less than 30 seconds. According to PayPal, when a shopper goes to checkout with their store item, they simply open the InStore app by entering a PIN number. The app will generate a barcode for the store employee to scan and the amount of the purchase will be deducted from the customer’s PayPal account. Receipts for the purchase are then automatically sent to the customer’s email. Unlike the smart wallets that are now being used by smartphones, no personal or financial information is stored on the phone with InStore. The app is also locked with a PIN code so if the phone is stolen or lost, the app becomes useless without the PIN.
The big difference between the PayPal app and smart wallet apps is the Near Field Communication chip (NFC). The San Jose based company states that their technology doesn’t rely on NFC chips and it is currently being built into new devices like the Samsung Galaxy SIII. According to Cameron McLean, the managing director of PayPal UK, “The year 2016 will bring about the time when you no longer need to have a purse or a wallet to go shopping.” How will consumers adjust to the idea of leaving their wallets and purses at home? A PayPal UK survey showed that a third of UK consumers would rather take their smartphone over their wallet when they left the house and a similar survey of 5,000 consumers worldwide showed that 83 percent would like to do away with their wallet or purse.
The InStore app is currently being tested and used in retailers in Richmond, London. Richard Garcia, owner of Cook and Garcia café in Richmond, says, “We’ve been using PayPal’s check-in service for month several months and have found it really efficient.” Jamba Juice started testing the system in the United States last year by allowing customers to pre-order and pay for a drink in select stores. The national fruit smoothie chain will now use the PayPal system in all of its stores nationwide. With cell phone companies like Apple getting ready to add more security features to its phones, like the fingerprint sensor, PayPal is readying itself for the future by integrating its own built-in biometric security. This will allow consumers to make a payment by pressing their finger on the screen.
By the end of the fourth quarter, PayPal estimates that two million merchants, in the United States, will accept the new PayPal payment system.
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