The role of smart phones
The smart phone is undeniably becoming more and more indispensable in our lives. Staying in touch via Twitter and other forms of social networking is a breeze with this gadget. Besides that, a good Internet or Wi-Fi connection allows its users to enjoy a myriad of online games, navigate their way around using GPS and even go on an online shopping spree using just their mobile devices! There are applications for just about anything you need! And speaking of which, the mobile e-Commerce industry is indeed booming, with new innovations released into the world each day. And one area that is definitely catching both the consumers and industry players’ eyes is payment processing.

PayPal – Old innovation made new
PayPal is no stranger to the e-Commerce field and is touted as the entity that made payment processing more accessible and friendly. With their recent launch of a new app innovation called “Send Money”, they are expected to take payment processing to the next level. The “Send Money” feature is not a foreign feature in their online website but it will be, at least for mobile users who want a faster and more convenient way of transferring PayPal funds.

How does it work?
This new application will allow two iPhone users to make payments merely by bumping their mobile devices together. All they need are their iPhones and PayPal accounts. Besides that, an added convenience for users who access this app is the ability to split bills easily among no more than 20 people. Definitely a useful tool if you think about the difficulties involved in splitting bills during corporate lunches or a cab ride with friends in tow. Tax and tips will be divvied up evenly so there are no worries about anyone overpaying at all. Security is also not an issue here because PayPal reassures consumers that no financial data will b e stored on the mobile device. Losing your phone will not jeopardize sensitive financial information and will not signify the end of the world, unless your phone is one made of solid gold or is diamond-encrusted, in which case you must launch a nationwide hunt immediately to retrieve it!

How much will it cost to acquire this app? NOTHING! It’s currently being offered for free but it is not known if PayPal has plans to release a paid app that gives even more features to account holders in the future. Time will tell.

Recap of PayPal’s mobile “Send Money” app

• Convenience at the touch of a button
• Only an iPhone and PayPal account is needed
• Application is free
• Instantly transfer funds by bumping mobile devices such as iPhones together
• No data stored in mobile phones; security assured for greater peace of mind

PayPal vs. Square vs. MoBeePay
Remember our previous blog post about Square which also advocates the usage of the iPhone as a payment processing device? With PayPal’s app, we are certain that Square and its founder Jack Dorsey will be doing all they can to encourage more users to tap into their services.

MoBeePay is also newcomer to the scene and is expected to put up a bit of a fight with their new payment processing innovations. Read about how they are revolutionizing the e-Commerce world with their mobile payment solutions here.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.