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PayPal Unveils NFC Phone Payment System

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PayPal is getting in on the growing NFC trend by launching an app which will allow you to make a payment by tapping two compatible phones.

Using the Android app, the service will debut on Google’s Nexus S later in the year and will see people transferring money to each other by simply tapping their phones together. The system is pretty straight forward with one user sending a payment request before holding the phones back-to-back (see below). The other person then enters a password before completing payment.

PayPal NFC

"There's a lot of technologies evolving around mobile payments, and NFC is just one of those," said Laura Chambers, senior director of PayPal. "What we're doing is testing out NFC. We're getting it into the markets, we're getting it into the hands of consumers and we'll see how it goes."

In May Google unveiled it’s Google Wallet service which will allow NFC-enabled phones to pay for goods and services at compatible pay points. With PayPal promising to roll the service out to other NFC-enabled Android phones once the system is up and running, this could become a very popular way of completing transactions without the need for a third party.

We are still trying to find out if this service will be coming to countries outside the US, and will let you know as soon as we do.

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