Paypal's electronic money mastery continues to grow, with the company now entering into the NFC mobile payments field.
Paypal has designed a system that allows you to instantly transfer money between accounts by simply tapping two different handsets together. The idea relies on the near field communications technology found in Samsung's Nexus S smartphone.
Using a specially designed Android widget, you enter the amount of money you want to send, tap it on the relevant phone until your handset vibrates and then after a pin is entered, the transfer is complete.
Paypal cited a massive growth in demand for mobile payments as a reason for the systems development. The problem is that until now a lot of NFC systems have been pretty clunky, with few businesses yet to make use of them. A company the size of Paypal properly supporting NFC could mean a major leap forward in the systems adoption.
As of yet there is no exact release date for the widget, nor are any of the countries that will support it mentioned. A Paypal blog post is pointing to the end of summer for the widget to go live, but sadly that is all we know.
Like the idea of mobile payments? Or do you think it is a bit unsecure?