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TheStreet Open House

PayPal Beacon Will Make In-store Payments Easier And Faster Than Swiping A Credit Card. (Photo: Business Wire)

Stocks in this article: EBAY

PayPal today announces PayPal Beacon, a new technology for merchants that will enable consumers to pay at many of their favorite stores completely hands-free. It will reinvent today’s in-store shopping experience by making it simpler, faster and richer for consumers, while providing retailers with more ways to differentiate themselves from their competitors.

PayPal Beacon will make in-store payments easier and faster than swiping a credit card. (Photo: Busi ...

PayPal Beacon will make in-store payments easier and faster than swiping a credit card. (Photo: Business Wire)

“PayPal Beacon opens the door to a fundamentally different way to use technology to make shopping more valuable and more personal for consumers and retailers,” said David Marcus, president, PayPal. “We challenged ourselves to find a better experience than swiping a credit card. We figured the only better way to pay would be to do nothing. Just walk in a store, and, like magic, when you’re ready to pay, money is transferred securely. No wallet. No card. Nothing to do. Not even touching your phone.”

Faster than swiping a credit card or tapping a mobile phone at the point of sale, PayPal Beacon will make the payment experience get out of the way. It will leverage Bluetooth Low Energy; a breakthrough technology that enables connected devices to communicate with each other seamlessly, while keeping the energy consumption at a very low level. By using BLE, transactions can take place without having to open up an app, without GPS being turned on, and even without a phone signal.

Consumers will have full control of stores they will want to check in to, those they will want to get prompted to confirm payment for, and stores they will want to enable a complete hands-free experience for. We value our customers’ privacy, so PayPal Beacon won’t constantly track a user’s location. If a consumer enters a store and declines to check in, or just ignores the prompt entirely, no information is transmitted to PayPal or the merchant.

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