PayPal is coming to a store near you, so leave your wallet at home
By Jay Keller
PayPal, the online payment service owned by EBay Inc., is putting a lot of effort forward to become a common payment option for retail purchases at brick-and-mortar locations.
But it was what Marcus also said about customer behavior that really highlights how successful this move will be along with the challenges facing the company to reach its goal to become a payment option at 2 million merchant locations by the end of the year.
PayPal knows that in order to be a leader in the expansion of mobile technologies in the physical marketplace, customers will have to see the value in changing their behavior.
Most customers would pay for products at the register via smartphone app while others could set up a PIN-secure way to pay by typing in a phone number at the register, PayPal says.
Marcus recognizes that people are used to, and comfortable with, the simplicity of swiping a card, further complicating the elevator pitch for customers to change by ditching their wallet.
As such, PayPal revealed the findings of their global study that simply asked Americans, and customers in four other countries, if they want to leave their wallets at home.
An overwhelming three in four respondents said they’d prefer to leave their wallet at home, according to the PayPal survey.
Additionally, one in three Americans said they would choose a smartphone over a wallet — if they could only bring one item to the store.
With research showing that customers are ready for new payment options and technology, PayPal is quick to point out that many retailers fear – they are lagging behind.
Retailers are taking note of — and action on, forming partnerships to capitalize on PayPal’s offline expansion.
Jamba Juice has also been beta testing PayPal services through the Order Ahead program, which allows consumers to order and pay for smoothies before arriving at the store.
“People are ready for the day when the notion of carrying around a bulky wallet to pay for things will seem as antiquated as Gordon Gekko’s enormous mobile phone in the movie Wall Street seems to us today,” Marcus wrote in a recent company blog post.