PayPal NFC payments

PayPal has shown their new peer-to-peer NFC payment system at MobileBeat 2011 today, using two Android powered Samsung Nexus S phones.  The premise is simple -- open the app on both phones, enter the payment amount on one, and bump them together.  After the buzz, enter account details, and the payment is processed.  Afterwards, the normal email receipts are generated and sent out, just like we did it in the old days.

There's no firm date when to expect this, but PayPal says "late this summer".  Another compelling reason for manufacturers to put NFC capabilities in their new models, or just a security concern?  Either way, we'll find out soon enough.  Hit the break to see a demo video.

Source: PayPal

 

Youtube link for mobile viewing

 

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PayPal unveils peer-to-peer NFC payment system

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This is the new standard for merchants on the go. It's just that awesome. No silly card readers or the such. The only thing people need to remember is to always password protect your phone and to install a locator in case you lose your phone so that you can get it back. With all this easy-to-use technology I can see banks squirming and wondering when they are gonna have to go through the trouble of helping the next person who had their info and money stolen because they simply didn't properly close their account and protect their phone with a password. Don't be a victim of a Bump-and-Run

It won't be the new standard for quite a while, if ever. There are more hurdles than cash, check, or credit card.

This will be a convenient way to send money to a friend. What it lacks however, is how to cash in on the funds immediately. Overall it's a good step in the right direction.