PayPal and VeriFone Team Up for Mobile Payments

PayPal is making a very big push in mobile payments today with a number of announcements, and one is a partnership with VeriFone. The two are teaming up as VeriFone becomes the first to partner with PayPal for mobile payments, and will join the dev ecosystem for the development of new apps.

According to PayPal:

VeriFone is joining the PayPal developer ecosystem and will be the first device manufacturer to collaborate with PayPal to offer merchants the ability to take credit card and PayPal payments anywhere using its PAYWare mobile merchant app. The new service will also let customers “bump to pay” using functionality from Bump Technologies built into the PayPal app and the PAYWare app. This will allow the millions of PayPal merchants who have both an online and offline presence to accept payments wherever they happen to be.

Mobile payments is becoming a huge business – earlier this week we saw Square opening up for more business. And before the end of this year, PayPal is anticipating over $700 million (up from the earlier $500 million estimate) to pass through its mobile payments system.

Additionally, PayPal has an application for both the iPhone and Android smartphones and moving to get its app onto other platforms.

“PayPal is aggressively driving this change by redefining checkout on mobile devices for millions of consumers and businesses across the world.”

PayPal has announced so many new details, products and partnerships today that it’s going to be tough to keep track of them all. More details and announcements follow on the next page.

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