PayPal is making new moves in the tech field of electronic payment systems. PayPal’s 2013 acquisition of Braintree gave it access to some of the newest technology in the field used by massive companies like Uber and Airbnb. This promises to be a new source of growth and market share for PayPal in the field of payment collections.
Being able to buy things online is great, especially if you’re in college and don’t have a car to get to a big box retailer like Target or Kmart, take care of someone and don’t often have the time to go to the store, or just want to lay in bed or enjoy a day doing something other than going to a store, getting stuck in long lines, and dealing with parking. Online commerce is a continually growing section of the economy, and the tech that must be strong enough to support that massive infrastructure is growing and changing as well.
For years, PayPal had fallen by the wayside alongside other tech companies like Yahoo!. It fell into the trap of industry leader that never changed to meet the changing times, but it got out, and Braintree is helping it do that. It’s a fruitful business partnership, and a 300% growth rate in payment volume for Braintree in one year can speak to that. Let’s see what the continued growth and change of this industry means for consumers.
Technology giant Samsung Electronics LTD will unveil an application in Korea that would facilitate easier utilization of its mobile payment service for online transactions.
As Reuters report, the mobile application by the name of ‘Samsung Pay Mini’ will be compatible with Apple Inc. and Android devices and is expected to be unveiled as at the beginning of next month. Currently, the mobile payments service is only compatible with Samsung devices but with the new app platform, the company is considering expanding its services into other manufacturers’ products.
Though a spokesman from Samsung Electronics failed to provide details regarding the app being launched in other mobile phone devices (other countries), he commented that the world’s top smart phone manufacturer hoped that its mobile payment service app would help it secure market share and be appropriate enough to lure its users to pay even more for its gadgets.
Samsung Pay presently is a mobile payment platform that can be used point-of-sale locations over the entire globe. The system uses both the NFC, pretty much like the Apple Pay but can also emulate a credit card for POS systems as well. It is a substitute to the popular Android Pay that works with Samsung’s new devices including Galaxy S5, S6, S6edge, S7 and Note 5.
But since this service is only offered in the South Korean market, the company intends to heighten its market share in the possibly across the world markets.