Don Kingsborough, PayPal’s Vice President said in an interview that “In-store payments are a natural extension of what we’ve done. As mobile has become important, retailers have gotten interested in how they can use mobile as a connective tissue the consumer”.
Verifone has signed “a comprehensive licensing, marketing and implementation agreement” with PayPal for its cash registers. At first, Pay Pal is going to layer its digital wallet with Verifone systems. This will be used as an alternative payment option. Similarly the deal with Equinox allows PayPal’s customer for in-store payments while using PayPal’s mob app.
Besides that, the payment company entered into the partnership with smaller point of sale system companies. These companies include Erply, Leapest, Vend and Shopkeep. Point of sale software is usually used by small businesses. In this way they can run their businesses properly and accept in-store payments as well.
The main idea behind all these partnerships was to focus on mobile payments and check-ins. Now customers can use Leapset, Erply, Vend or Shopkeep cash register when going into a store. Pay your bills while using PayPal mob app and you will receive email receipts of your bill.
PayPal has also entered into partnerships with various retailers that include Office Depot, Jamba Juice and JCPenneys. These retailers have to process mobile payments and provide mobile offers like coupons.
The news might intimidate mobile payment company Square. This company enables customer to make their payments only through Square-enabled cash registers. At present, most of the small and local businesses are using Square. Although Paypal has a broader network, Square’s market share is enough to let PayPal fee a threat for mobile payments. After making partnerships with several POS companies, PayPal is going to grab huge market share of Square.