Paypal Readying NFC Powered Funds Transfers
You knew it would not take long for Paypal to jump onto the NFC train,the lure of making major coin in transaction fees every time someone uses their mobile device to transfer money is just too much for the financial giant to pass up. Now it looks like that Paypal is ready to release a widgetized app that makes use of the NFC chip built into the Nexus S. Check out the video after the break.
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The above video shows two Paypal employees using Nexus S handsets to transfer money, initiated by the NFC chips inside the devices. Pretty sweet indeed! Makes giving people money that much easier! There is no word on a release date yet for the updated Paypal app that allows this functionality, but according to some sources inside the company, perhaps we will see it late this Summer.
Now, I have to admit that I have been pretty skeptical about the idea of NFC. In the recent past, I have been vocal about the fact that I simply do not think that people are going to adopt NRC in a huge way because of wrongly held beliefs that NFC is not secure. At the least, I figured that we were two years away from seeing any kind of jump in adoption because of people having to wait to upgrade their handsets to units that actually have NFC built into them. Now, with Paypal coming on board in a big way, and using the Nexus S to showcase their NFC capabilities, my mind has been changed somewhat. I am still reserved at best, but it will be interesting to see what kind of impact that Paypal will have on the mind of consumers.
Credit for the sourcing of this piece goes to Pocket Lint, via the Paypal blog.