PayPal Switches on NFC for Android Phones

Bank technology

PayPal's Mobile-Wallet Twist: It Lets Users Change Their Minds

PayPal Inc., a pioneer in alternative online payments, is now seeking to stake a new claim in the burgeoning and increasingly congested mobile payments space — and what sets it apart may be a three-year-old acquisition.

By Jeremy Quittner

November 4
Bank technology

PayPal to Add Mobile NFC Payments

PayPal is pushing harder in mobile payments by promising near-field communication support for Android handsets.

By John Adams

July 13

PayPal Inc. has delivered on its promise to activate contactless payments for its mobile wallet.

The eBay Inc. subsidiary said Tuesday on its blog that the latest update to its app for Android handsets adds support for near-filed communication. PayPal, of San Jose, previewed its plans to do so in July.

Using NFC, PayPal customers can exchange money by tapping their phones against each other. The process is similar to the "bump" system PayPal uses on non-NFC phones, such as Apple Inc.'s iPhone. Such phones use a built-in accelerometer to detect the bump.

PayPal also updated some aspects of the app's interface.

Daniel Wolfe

Content Director, Payments and Credit Unions, American Banker

MORE FROM AMERICAN BANKER

Community banking

A Utah bank is gone after 16 years of losses. Why did it survive so long?

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

By Polo Rocha

4h ago
Commercial banking

CRE focus 'unsustainable,' Valley National CEO says in strategy shift

The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.

By John Reosti

5h ago
Cryptocurrency

Anchorage Digital debuts crypto settlement network

The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.

By Frank Gargano

8h ago
Payments

Bread Financial 'feverishly' preps for CFPB late-fee rule scenarios

Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.

By Kate Fitzgerald

9h ago
Artificial intelligence

Banks don't talk about the energy AI guzzles. Here's why they should.

Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.

By Penny Crosman

10h ago
Regulation and compliance

FDIC board debates, then withdraws asset manager control proposals

The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.

By Ebrima Santos Sanneh

11h ago

	About Daniel
twitter	wolfewriter
mailto	daniel.wolfe@arizent.com
linkedin	daniel-wolfe-5947087