PayPal has introduced a new way to transfer money to users using NFC technology which is found in many smartphones these days. The method has been shown on android powered Google Nexus S, using NFC enabled widget for android devices.
According to Paypal’s Senior director, Laura Chambers,
Today at MobileBeat 2011 we took another step towards realizing the PayPal vision of creating an entirely new way for people to shop and pay – anytime, anywhere and on any device – with the announcement of our peer-to-peer NFC solution. At this morning’s session, I had the privilege of demoing our new NFC-enabled Android widget that lets people pay and get paid in a matter of seconds by simply tapping together two Samsung Nexus S phones. This feature will be out in the market late this summer.
To make the transaction, the person should enter the amount he wants to receive in the Widget and touch the smartphone with the person who will be sending him the money. Once the phone vibrates, the other person is asked to enter a pin number and the transaction is completed. The user will receive the money along with a confirmation email.
The feature is expected to be released later this summer but we don’t know which smartphones it will work on right now. Anyway, here is a videos demoing the newly announced feature.
Via – Paypal Blog