It works by using your smartphone with the PayPal app which allows you to enter a PIN or shows a QR code that a merchant can scan.
For the consumer, the benefits beyond the payment convenience include the ability to automatically redeem any special offers, gift cards, merchant rewards programs or other forms of payment that might be saved in their PayPal wallet in one quick transaction.
For merchants, the benefit is the ability to accept the digital transactions without the need to switch to new technology. Utilizing the millions of 2D barcode scanners already sitting on store counters and 40+ million payment terminals available around the world, this offers an easy way to give customers the benefits without investing in new technology.
If the merchant already has a mobile app, they can also integrate PayPal's new 'payment code' into the app for full support.
More details will be made available on this new system before its roll-out in Q1, 2014.
Written by: James Delahunty @ 10 Oct 2013 3:37