Paypal Partners with Verifone for Mobile Payments
It would seem Isis isn’t the only one making moves to attempt to dominate the mobile payment world. Paypal and Verifone have announced a partnership that would give Paypal a jump start to its mobile payment system. VeriFone has a customer base of 80 percent of the top 200 largest retailers in the United States, which in turn will provide Paypal with “access to over one million high volume points of sale”. Retailers need only upgrade the software of their POS system to provide customers with access to Paypal’s mobile payment system. Using that system, customers will have the option of entering their phone number and pin (registered with Paypal) as a method of payment. Those who may be wondering about the use of NFC for payments need not worry. Verifone states their system is “ future-proof so that adding new options, such as NFC, will be easy to implement when they become available”. No date was given for when Verifone will roll out the Paypal upgrade, but it will initially be implemented “at select merchant locations”. See the link below for a real world demonstration of Paypal’s mobile payment system.
SAN JOSE, Calif.–(BUSINESS WIRE)–VeriFone Systems, Inc. (NYSE: PAY), and PayPal today announced a comprehensive licensing, marketing and implementation agreement that advances PayPal acceptance at large retailers nationwide.
“By working to extend PayPal’s reach into traditional retail, VeriFone is providing retailers with an immediate and simple way to adopt and manage new payment experiences that consumers are demanding.”
With VeriFone’s customer base encompassing 80 percent of the top 200 largest retailers in the U.S., the agreement provides PayPal with unprecedented access to over one million high volume points of sale. Together, VeriFone and PayPal offer retailers the opportunity to converge e-commerce and retail payments into a new shopping experience for consumers.
As participating retailers take advantage of VeriFone’s software upgrade and services, shoppers will be able to utilize the existing spectrum of PayPal payment methods at checkout, including using a PayPal Access card and PIN or entering a phone number and PIN. The VeriFone solution is future-proof so that adding new options, such as NFC, will be easy to implement when they become available.
“VeriFone’s extensive customer base and strong technology make it a natural ally for PayPal as we continue to deliver on our strategy to bring intelligent electronic payments and value-added offers to brick-and-mortar stores,” said Don Kingsborough, VP, Retail and Pre-Paid Services, PayPal.
Initially VeriFone will layer PayPal’s “digital wallet” interfaces and user experience at select merchant locations in the U.S., alongside traditional payment forms, spurring consumer demand for this unique payment experience. Long-term, VeriFone will enable PayPal acceptance natively as part of new services and solution packages offered to its expansive global retail customer base.
“Retailers who take advantage of the extensions to VeriFone’s platforms will be able to offer their customers a rich environment that integrates the virtual and physical retail worlds,” said Jennifer Miles, VeriFone executive vice president, North America. “By working to extend PayPal’s reach into traditional retail, VeriFone is providing retailers with an immediate and simple way to adopt and manage new payment experiences that consumers are demanding.”
PayPal acceptance will initially be implemented on VeriFone’s MX Solutions product families popular with large merchants.
Retailers can obtain additional information at www.verifone.com/paypal
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: successful rollout of the PayPal acceptance solution on VeriFone payment systems, customers’ acceptance and adoption of our new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.