Updated from Feb. 29 to include a Piper Jaffray survey.
PayPal (PYPL) may have decades of experience in digital payments, but as the company looks to strengthen its in-store solution, it's not so clear whether it can succeed against the likes of Apple (AAPL) Pay and Alphabet/Google's (GOOGL) Android Pay.
For years now, PayPal has had a mobile wallet that can be used in physical stores, but that has only made up a fraction of the company's business, which focuses more on e-commerce transactions that can be made on all devices. PayPal doesn't break out how much of its transactions occur in-store versus in-app or online.
But now that the in-store mobile wallet is gaining attention as Apple, Google, Samsung, and others try to win over the space, PayPal is putting more weight behind its own in-store mobile wallet.
"In-store has always been something that we've thought about," said Bill Ready, SVP, Global Head of Product & Engineering at PayPal. "We're very focused on helping consumers and merchants connect in all the ways they might connect with each other whether it's online, in-app, or in-store."
The issue is that it seems PayPal has a long way to go to beat some of the other in-store mobile wallets. According to a new survey from Piper Jaffray, 67% of merchants who asked their point-of-sale technology providers for information on implementing mobile payments asked specifically about Apple Pay, 18% asked about Android Pay, 8% asked about PayPal, and 7% asked about Samsung Pay.