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Will the future of payments belong to upstart innovators like Square? As mobile payments become a larger and larger part of the global payments industry, they just might.
But payment giants like VeriFone aren't sitting idly by either. At this week's National Retail Federation’s Convention and Expo in New York, the company, whose point-of-sale systems are used by countless businesses, will be demonstrating how it plans to keep up with rapidly evolving payment technologies.
In late 2009, PayPal president John Donahoe indicated that he believed online payments should account for 20% of global payments, even though, at the time, they accounted for just 5%. His goal: find ways to grow that number.
There are a lot of ways of doing that, but none may be as promising as mobile payments.
In response to the European Commission’s Green Paper on electronic payments, published today, Mastercard is the first major payment company to officially lend support to the campaign.
The goal of the paper is to expand electronic payments to help European businesses grow, and consumers to shop easily and safely online, instore and via their mobile devices.
Yahoo has confirmed the appointment of PayPal president Scott Thompson as its new CEO.
Thompson’s decision to jump ship comes at a strange time, as PayPal is one of eBay’s fastest growing divisions and is in a strong position to take advantage of the growth in m-commerce.
The PayPal brand has become synonymous with 'online payments', and despite the fact that the company isn't the newest kid on the block, it's no surprise that it keeps growing like a weed as commerce continues to move online.
John Donahoe, the CEO of PayPal parent eBay, however, thinks that online payments should make up a much greater percentage of global payments than they currently do and as a result, PayPal is aggressively working to expand its footprint. One of the newest ways PayPal appears to be doing that is through a new offering called Access, which is reportedly set to be announced today at its X.commerce conference.
Visa's motto may be "More people go with Visa," but when it comes to payments between people, Visa and other major credit card associations are largely absent.
The market for P2P payments is instead dominated by newer players, such as PayPal, which has been around for less than a decade and a half. And more recently, a slew of startups is looking to create new markets and take advantage of untapped niches.
PayPal was the bright spot in eBay's third quarter earnings. The company, whose name has become synonymous with online payments, boosted the online auction company with its strong continued growth.
And if the company has its way, that growth won't be stagnating anytime soon. At the Innovate 2010 developer conference yesterday, PayPal made it clear: its future is micropayments and mobile.
As smartphone proliferation exploded over the last year, the mobile payment space has also become a hot market. Mobile shopping in the US more than tripled from 2008 to 2009, according to ABI Research. With new offerings from groups like Square and Intuit joining credit card companies with new offerings, PayPal is working hard to maintain its edge in the digital payments space.
Mobile transactions increased from nearly $25 million in 2008 to $141 million in 2009 at PayPal. This year, the company is even more serious about mobile.
Bill Zielke, PayPal's senior director of North America merchant marketing, is responsible for the development and marketing of PayPal's product strategies. I spoke with Zielke about how PayPal works with businesses online and in mobile, as well as what new offerings PayPal has coming down the pipeline.
PayPal's CEO John Donahoe thinks that online payments should make up more than 20% of the global payments market, but right now it only accounts for a fraction of it. One of the ways PayPal is working to change that: courting developers.
The company's Adaptive Payments API was launched in November 2009 at the PayPal Innovate X 2009, and since then, PayPal has recruited thousands of developers and seen millions of dollars transacted using its developer platform.
Online payments behemoth PayPal thinks developers are key in its quest for world domination. Late last year, it launched a portfolio of new APIs that PayPal hopes will give developers the ability to create applications that extend PayPal's footprint into markets in which it believes its payment solutions could be better utilized.
But if the credit card associations have their way, PayPal will have to compete for the best developers.
Smartphones have opened up the possibility of turning mobile devices into virtual wallets. And today, PayPal has made a big land grab for mobile payments with its new iPhone app.
In addition to making it easier to send and receive payments from a mobile device, the app uses Bump Technologies to let users share money instantly by touching phones. With more companies getting into mobile payments all the time, this could go a long way to help PayPal retain digital payment dominance. But there's one clear reason this won't replace cash.