Payment Acceptance: PayPal Partners with VeriFone for Payment Acceptance
- VeriFone and PayPal are partnering to provide acceptance services that should lead to the complete roll out of the PayPal solution on VeriFone terminals.
- Tests will be carried out on the MX Solutions range of VeriFone terminals. The pilot project involves updating VeriFone software, following a simple procedure that retailers could carry out themselves.
- The terminals will then be equipped with a traditional card reader that also accepts PayPal cards. Customers can then select their PayPal account on a dedicated screen and authorise payment from their account.
Source: Press release
- PayPal continues to develop its activities in the local payment market. With this partnership PayPal has access to a potential volume of over one million transactions, since VeriFone already works with almost 80% of the 200 largest retail chains in the United States.
- With the explosion in payment solutions and the difficulty for the consumer in selecting which media to use, the challenge faced by payment industry players now involves proposing multichannel solutions that are adapted to any payment scenario.
- Off-line and online have been brought closer together, mainly due to the strong growth in connected commerce which has seen greater involvement of Web players in face to face payments. Now there is an increasing threat to banks and traditional payment industry stakeholders as increasing flows of transactions are taking place outside of the banking system.