Paypal Latest news, updates: Will smartphones payment system kill off PayPal?

Paypal Latest news, updates: Will smartphones payment system kill off PayPal?

Soon, there will be a new technology that would make Limerick's Collison brothers happy, but it is unfortunately, not happy news for Paypal. Payments on mobile are having a prime and easy time. Most people pay their taxi fees through Smartphones. Sadly, one of the fastest and the biggest payment method, the PayPal is being left out of the equation. For existing users, they know how easy it is to use mobile payments - just tap a button or wave on a smartphone. For cash or cheque, no need to hit the ATM. This is why Stripe led by Collison brothers, and possibly new the technology of Apple to pay with just a smartphone swipe are taking off.

PayPal is currently facing competitors from Apple Pay to Square, coming in the US. According t0 Piper Jaffray's analyst Gene Munster, PayPal is not relevant if you are below 30.  Apple is way better as it can be transacted overnight with all the consumer awareness. According to Morse, who happens to be a spokesman for the company, during the quarter's report, the active users of PayPal in the US are eighteen to thirty five years old. PayPal had tried increasing its base with their new app, but however their effort was dissatisfied due to weak connections of network.

Payments in-store via smartphone is considered a revenue opportunity that is worth fighting for. The market of mobile payments is potentially enormous, with eMarketer projecting to $118bn in the US by 201, from this year's $3.5bn. A self-governing PayPal have more leeway to falsify alliances with other financial companies as Apple and Google seek to twist their products - Apple Pay and Google Wallet into instruments designed for digital payments.

The advantage of Apple over PayPal is the fact that its payment system is incorporated directly in its iPhone. The report pointed out hoe PayPal needs more improvement to eliminate struggles and to accommodate the needs of the existing customers - which means the customer who are equipped in this new technology and method.

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