Paypal unveils new app that lets you pay in shops direct from any smartphone – and predicts ‘you won’t need a wallet by 2016′
App generates barcode which is scanned by shop
No financial information stored in phone
Protected by PIN number
‘You won’t need a wallet by 2016′ says PayPal
By Rob Waugh
PUBLISHED: 13:21, 30 May 2012 | UPDATED: 13:21, 30 May 2012
Paypal has launched an app which could put paid to both cash AND credit cards – letting users pay via any smartphone in shops.
The app works on any smartphone, and even where there’s no wi-fi or mobile connection.
PayPal inStore works by generating a barcode on screen, which the shop then scans to take money from the customer’s account.
The app is locked by a PIN, and no financial details are stored in the phone itself
No personal or financial information is stored on the phone – and the app is locked with a PIN code, so if a phone is stolen, it’s useless.
The app can also be used to issue refunds, with the barcodes stored in the phone, and able to be brought back to the store for a refund.
To begin with the app will only work in fashion chains Coast, Oasis and Warehouse as well as Karen Millen.
The service launches nationally on 31st May and will be available in 230 stores.
PayPal trialled the scheme using an iPhone-only version that worked in Pizza Express.
The app can also be used to issue refunds, with the barcodes stored in the phone, and able to be brought back to the store for a refund
Cameron McLean, Managing Director, PayPal UK, said, ‘Today marks the start of a quiet revolution in the way we shop on the high street. We’ve created a simple, secure way to use a mobile phone to pay in your favourite stores.
‘The lines between the online world and high street will soon disappear altogether: research we carried out last year amongst major retailers suggested that 2016 will be the year you won’t need a wallet to shop on the British high street. A phone will be enough.