Paypal has just taken a historic step that puts it at the centre of in-store payments, and although it has only started to be implemented in Germany, they are testing a completely new payment system in which you won’t even need to have your Paypal card added to your wallet, because it will work through a QR code. We’re facing a revolution in contactless payment. Want to know more?
How does this new system work?
Very easy. No cards or bills needed, just have the PayPal app installed on your phone and the rest will feel like magic. Fast and efficient, you’ll have to bring your phone close to one of the QR codes and the charge will be made automatically to your Paypal account.
When will it be available?
Stop! For now, this scanning system via NFC is only available for PayPal users in Germany. They will serve as testers to see if the system works and is well received or, on the contrary, if it fails.
If you’re wondering why Germany was chosen, the answer has to do with their very solid retail environment and a fairly strong economy, so all this, combined with the fact that users use mobile wallets more than paying with physical cards or cash, makes them the best place to run pilot tests for this system.
The end of cash?
No! Although it seems like it, because we’ve gotten used to paying everywhere with our mobile phone. And really, who wants coins when you can pay anywhere carrying only your phone? Of course, physical currency should never disappear, but let’s not lie to ourselves, this system PayPal is proposing is pretty convenient, right?
Isn’t it an exclusive system?
Quite the opposite! With this system, many people who can’t access traditional banking services (or who don’t use credit cards) will be able to make payments in physical stores using only their mobile phone.
Also, one of the new features of this system is that you’ll be able to finance the purchase instantly, depending on the amount, in as many months as you need.
Is this the future?
It seems so, the future is being defined by these kinds of innovations. PayPal believes this system will change the way we pay, turning it into the norm, in addition to being a strong commitment.
And those who fall behind?
Life is all about adapting or falling behind. Many people already barely carry physical money when going out, with card payments becoming our biggest ally (especially since the pandemic). PayPal has only filled a gap that still existed in this payment system.
For those who don’t get along with technology… it’s okay (for now). You’ll still be able to pay with your cash everywhere. This is just another way to pay with a card without needing to add the card to the Wallet.
And what about security?
There’s nothing to worry about on that front. PayPal has confirmed that, even though it’s now much more accessible, they will not stop their efforts to ensure safety, especially now that they expect the number of users adopting this system to grow.
And what do consumers say?
Everything suggests this revolution has been well received among consumers. Who wouldn’t want to try a new payment method that saves you time? That said, we’ll have to wait for it to roll out to the rest of the world, first we have to see how it performs in Germany.
Are you ready to live through the payment revolution?