VeriFone and PayPal have joined forces in an effort to converge ecommerce and retail payments at the point of sale, paving the way for alternative payment acceptance at large and mid-size merchants across the USA.
In the USA alone, 70% of the top 200 largest retailers already use VeriFone solutions. The new venture will connect VeriFone's massive retail POS footprint with millions of loyal PayPal customers, giving PayPal unprecedented access to over a million high-volume checkout lanes.
PayPal will be using VeriFone to enable 10 of the 12 Tier 1 merchants including brands such as Abercrombie & Fitch, American Eagle Outfitters, Foot Locker, Jos. A. Bank and Toys "R" Us amongst others.
Consumers will have multiple ways to access their PayPal accounts at checkout, including using a PayPal-issued card and PIN, or by logging into their PayPal account at checkout. This will create an entirely new shopping experience, providing a further payment option. And for retailers, it will allow them to finally leverage the online retail experience with its offline brick and mortar counterpart, spurring consumer demand for this payment experience.
How long before this will spread to other parts of the world?
To view jobs in the card and payment industry, go to http://www.cardandpaymentjobs.com