Bloomberg reports that PayPal, the eBay-owned e-commerce payment provider, “plans to announce a partnership with Home Depot that lets shoppers use the payment system at checkout, taking aim at Visa Inc., and MasterCard Inc.’s credit card-swiping customers.”
According to the story, the move is part of broader strategy aimed at “developing a so-called mobile wallet, which could be stored on a consumer’s smartphone or a special PayPal card, letting shoppers pay for items at checkout. The Home Depot project will roll out to consumers later this year, serving as a test project ... The idea of the mobile wallet is to store credit- and debit-card information from a range of providers, with PayPal controlling the experience. The company plans to give customers the option to choose which provider they want to use up to 30 days after the sale.”
According to the story, the move is part of broader strategy aimed at “developing a so-called mobile wallet, which could be stored on a consumer’s smartphone or a special PayPal card, letting shoppers pay for items at checkout. The Home Depot project will roll out to consumers later this year, serving as a test project ... The idea of the mobile wallet is to store credit- and debit-card information from a range of providers, with PayPal controlling the experience. The company plans to give customers the option to choose which provider they want to use up to 30 days after the sale.”
- KC's View:
-
I think we’re going to see a lot of new and interesting competitors to traditional credit card companies, which have gotten nothing but deservedly lousy press in recent months.
