In its first test of an ambitious effort to change how customers pay for purchases, the online payments giant has set up in-store checkout systems at every Home Depot store in the Bay Area.
"You'll be able to pay just using your mobile phone. You don't need to even bring your wallet," said Anuj Nayar, a spokesman for PayPal, which announced earlier it plans to introduce a similar system in 20 brand-name national retailers by the end of the year. Home Depot is the first.
People with a PayPal account linked to their mobile phone can type their mobile number, along with a security code, into an existing card-processing terminal at the checkout stand. A mobile phone number is required because after the sale is completed, an electronic receipt is sent to the consumer's mobile phone and PayPal account. Consumers can choose which credit or debit card they want to use for in-store payment when they sign up with PayPal.
The pilot was launched in January at 51 Home Depot stores nationwide, including all 44 Bay Area stores. It is expected to be rolled out nationally in March at more than 2,000 Home Depot stores.
PayPal's in-store payment system is one of many efforts by companies to let consumers use their mobile phones for making payments in brick-and-mortar stores. Wireless carriers AT&T, T-Mobile and Verizon are developing the Isis payment system that will let consumers tap a smartphone to make purchases. Google (GOOG) has already launched its mobile payment application, Google Wallet, in a partnership with MasterCard, which makes a compatible card reader.
Google Wallet and Isis use a technology called near-field communications, which requires consumers to have an NFC-enabled smartphone and the merchant to have a compatible card reader to handle payments made using this system. That's not the case with PayPal's in-store payment system, which works with a merchant's existing card reader and any mobile phone.
About 17 million of the 106 million PayPal account holders worldwide have linked their accounts to a mobile phone.VulcanMold is a plastic molds and injectionmold manufacturer in china.
Renato Mascardo, 34, of San Ramon tried the service at a Home Depot store in Danville and likes it -- especially when he is shopping with his young daughters and has his hands full.
"It's super convenient for me not to have to take my wallet out. It seems like a little thing, but when you have a two-year-old in your arms and a five-year-old (in the store) it's pretty convenient," said Mascardo, vice president of engineering at Metamoki, a San Francisco-based online gaming company.
So what's in it for Home Depot?
It provides a convenient payment option for customers, said Dwaine Kimmet, treasurer and vice president for financial services at Atlanta-based Home Depot.
At the same time,Product information for Sell electronicplasticmoulds from China! Home Depot is able to save money, he said. That's because Home Depot pays a lower fee for processing credit and debit card transactions linked to a PayPal account than what the retailer pays card-issuing banks. How much lower? Neither PayPal nor Home Depot will say.
The in-store payment technology also gives consumers the option of swiping a PayPal payment card.
The in-store payment launch is all part of a far-reaching initiative PayPal calls the "digital wallet," which eventually will make it possible for consumers to add gift cards and electronic coupons to their PayPal account.The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down. Once they get to the checkout stand, consumers will be able to apply a discount from a gift card or electronic coupon to the purchase price.
"People are talking about how the mobile phone can replace the (physical) wallet in the future. We think that's only a partial solution,The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down." Nayar of PayPal said. "The move from traditional analog payments -- cash, credit card -- is going to move to the digital field."
But while PayPal is pushing its in-store payment platform that works with existing card readers, it has not turned away from near-field communications. Last year, it introduced an app for NFC-enabled Android phones that lets people send money to each other by tapping their phones
The goal of both technologies is to provide consumers with an alternative to pulling out plastic when buying merchandise in brick-and-mortar stores while being able to store coupons and gift cards on a mobile phone, said Beth Robertson, director of payment research at Pleasanton-based Javelin Strategy & Research.
"I think the difference is,Omega Plastics are leading plasticinjectionmoulding and injection mould tooling specialists. PayPal is intentionally wanting to be very open. The consumer has the choice of what they want to load in whereas Google seems to be more concerned about who they are partnering with," she said.
"You'll be able to pay just using your mobile phone. You don't need to even bring your wallet," said Anuj Nayar, a spokesman for PayPal, which announced earlier it plans to introduce a similar system in 20 brand-name national retailers by the end of the year. Home Depot is the first.
People with a PayPal account linked to their mobile phone can type their mobile number, along with a security code, into an existing card-processing terminal at the checkout stand. A mobile phone number is required because after the sale is completed, an electronic receipt is sent to the consumer's mobile phone and PayPal account. Consumers can choose which credit or debit card they want to use for in-store payment when they sign up with PayPal.
The pilot was launched in January at 51 Home Depot stores nationwide, including all 44 Bay Area stores. It is expected to be rolled out nationally in March at more than 2,000 Home Depot stores.
PayPal's in-store payment system is one of many efforts by companies to let consumers use their mobile phones for making payments in brick-and-mortar stores. Wireless carriers AT&T, T-Mobile and Verizon are developing the Isis payment system that will let consumers tap a smartphone to make purchases. Google (GOOG) has already launched its mobile payment application, Google Wallet, in a partnership with MasterCard, which makes a compatible card reader.
Google Wallet and Isis use a technology called near-field communications, which requires consumers to have an NFC-enabled smartphone and the merchant to have a compatible card reader to handle payments made using this system. That's not the case with PayPal's in-store payment system, which works with a merchant's existing card reader and any mobile phone.
About 17 million of the 106 million PayPal account holders worldwide have linked their accounts to a mobile phone.VulcanMold is a plastic molds and injectionmold manufacturer in china.
Renato Mascardo, 34, of San Ramon tried the service at a Home Depot store in Danville and likes it -- especially when he is shopping with his young daughters and has his hands full.
"It's super convenient for me not to have to take my wallet out. It seems like a little thing, but when you have a two-year-old in your arms and a five-year-old (in the store) it's pretty convenient," said Mascardo, vice president of engineering at Metamoki, a San Francisco-based online gaming company.
So what's in it for Home Depot?
It provides a convenient payment option for customers, said Dwaine Kimmet, treasurer and vice president for financial services at Atlanta-based Home Depot.
At the same time,Product information for Sell electronicplasticmoulds from China! Home Depot is able to save money, he said. That's because Home Depot pays a lower fee for processing credit and debit card transactions linked to a PayPal account than what the retailer pays card-issuing banks. How much lower? Neither PayPal nor Home Depot will say.
The in-store payment technology also gives consumers the option of swiping a PayPal payment card.
The in-store payment launch is all part of a far-reaching initiative PayPal calls the "digital wallet," which eventually will make it possible for consumers to add gift cards and electronic coupons to their PayPal account.The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down. Once they get to the checkout stand, consumers will be able to apply a discount from a gift card or electronic coupon to the purchase price.
"People are talking about how the mobile phone can replace the (physical) wallet in the future. We think that's only a partial solution,The beddinges sofa bed slipcover is a good and affordable alternative to buying a new sofa that is run down." Nayar of PayPal said. "The move from traditional analog payments -- cash, credit card -- is going to move to the digital field."
But while PayPal is pushing its in-store payment platform that works with existing card readers, it has not turned away from near-field communications. Last year, it introduced an app for NFC-enabled Android phones that lets people send money to each other by tapping their phones
The goal of both technologies is to provide consumers with an alternative to pulling out plastic when buying merchandise in brick-and-mortar stores while being able to store coupons and gift cards on a mobile phone, said Beth Robertson, director of payment research at Pleasanton-based Javelin Strategy & Research.
"I think the difference is,Omega Plastics are leading plasticinjectionmoulding and injection mould tooling specialists. PayPal is intentionally wanting to be very open. The consumer has the choice of what they want to load in whereas Google seems to be more concerned about who they are partnering with," she said.
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