PayPal launches mobile storefronts in New York City to help shoppers acclimate to mobile commerce

NFC Technology Mobile Payments Infrastructure

NFC Mobile Payments Infrastructure
PayPal is preparing to launch their new mobile wallet product – dubbed the PayPal Wallet – in the coming months and has begun introducing consumers to what the company believes with be the future of commerce. The company has erected several virtual store fronts throughout New York City. These stores are similar to those built by British grocer Tesco in South Korea, but instead of using QR codes, PayPal is using NFC technology. The company hopes to gauge the response of consumers regarding the concept of mobile commerce, especially those who have been entrenched with mobile technology for several years now.

NFC technology is the driving force behind mobile commerce. Telecommunications and technology companies have begun using NFC to help spark a commerce revolution that aims to make all transactions electronic. PayPal is one of the companies leading the charge toward such a revolution, and hopes to bring an understanding about mobile commerce to consumers by the end of the year.

While the concept of mobile payments has garnered some favor from tech-savvy consumers, there are still reservations to switching to a completely mobile-based commerce system. The primary concern, of course, is security. NFC technology, essentially, transforms a smart phone into a payment device in which a user’s financial information is stored. Stealing a person’s smart phone would grant access to this information. This presents a major risk to people’s financial safety, especially as smart phones and newer mobile devices are a popular target for theft.

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