The Future of Paypal

Paypal- is an eBay company that enables anyone with an email address to send and receive online payments safely, easily and quickly. (www.screw-paypal.com)
The increase in online shopping and the fear of fraudulent activities; open up a new market for online payment. The company was founded when Confinity and X.com.Confinity merged in March 2000 (www.screw-paypal.com). Their sole strategy was to offer a secure and easier way to pay without exposing your financial details to merchants. Your bank account and credit card can be linked to your paypal account thereby making payment easy. A merchant who owns a paypal account can attract more customers from all part of the world; due to the perceived trust of secure and fast payment process offered by the company.
The future of paypal
In September 2011, paypal unveiled its plan for mobile payment space in order to compete with the Google wallet that was launched earlier May 2011. Tricia Duryee (2011).
According to Tricia Duryee(2011), the main features of the paypal plan is to enable offline payment using a phone number and PIN code to replace swiping a credit card at the payment terminal. The new system will also integrate check-in capabilities to its mobile application and location-based services to identify nearby stores or restaurants. The strategy behind this move is enable digital wallet payment without going about with your debit and credit cards and the location based service will help to increase sales as consumers will be notify if there is sales going on; the digital wallet will enable you to pay without actually having cash with you.
Why the move to offline and mobile technology?
According to Patrick Dupuis Paypal CFO, the move to offline is based on the big data information at the disposal of the company. The company decides to focus more on the customers rather than the merchant. Dupuis when speaking in an interview said that the shifts of focus will be adopted by the consumers because of the ease to recover password “passwords recovery. He says the PayPal engineers seemed to have assumed everyone always knows their password. “But of course not, People forget their password,” he says. PayPal made it a lot easier to recover passwords, prompting a boost in PayPal adoption. “In my two years at PayPal I’ve never seen such a more immediate move in our consumer metrics from something that simple.”( Cfo-insight.com). The company hopes that users will adopt the new technology that has already be rolled out in the US with big company like Abercrombie & Fitch, Advance Auto Parts, Aéropostale, American Eagle Outfitters, Barnes & Noble, Foot Locker, Guitar Center and others. (wepronews.com)