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PayPal Sees Growth in Mobile Payments, yet Skeptical on NFC

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PayPal iPhone app mobile paymentsBOSTON, USAPayPal representatives seem very optimistic about the future of mobile payments with expected growth ranging to more than 70% in 2012, but not very hopeful on NFC.

It is expected that such a growth will be mostly owing to consumer demand as the development of many new apps is in final phase and all the mobile operating systems will be supported. Merchants seem more conservative on the subject, but Starbucks already has mobile payments options in all the US shops.

Regardless of this expected growth, PayPal representatives state that they do not rely on near field communication (NFC) technology for their growth. They seem to be skeptical about the close future of NFC and are developing their own mobile payments software with direct payments from PayPal balance with phone number and PIN. This solution is welcomed by merchants, as it does not require new security equipment, but only software tweaks and updates.

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By , International Correspondent, Rethymno (Greece) office

Published on Jan 18th, 2012 GMT +2

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