There's news today on the PayPal front. The company is working on some new QR features, and one of those features will have some PayPal users excited. Soon, PayPal users will be able to use a PayPal QR code to check out at various retail locations. Interested? Here are the details.
How the QR Codes Will Work
Basically, PayPal will provide the site's users with special QR codes that are directly linked to PayPal accounts. From there, those codes can be scanned by participating retailers. The money required will then be withdrawn directly from a PayPal account.
Here's a better example:
You walk into a store armed with your smartphone.
You access your PayPal screen
A participating retailer scans the QR code on your screen
You pay for your item and leave the store
All of this can be done with your smartphone, and none of this takes more than a few minutes to complete. You do have to have funds in your PayPal account, but that is something that's becoming more and more commonplace.
Other Ways to Pay
In order for a merchant to accept PayPal QR codes, that merchant must have updated PayPal software. But, if that update isn't in place, PayPal will also provide users with a four-digit code that can be entered into payment platforms easily.
You walk into a retail store with your smartphone
The retailer doesn't have updated PayPal software
You ask PayPal to generate a four-digit code instead
The merchant adds the four-digit number to a system
Your item is paid for via your PayPal account
You still only need your smartphone to pay for items using this alternate PayPal method. But, there are a few restrictions with the first one being that you have to live within the United States in order to use PayPal's newest payment methods. Another obvious restriction is that merchants must use PayPal in order for this payment system to work.
Availability - Or, When Can You Test it Out?
Dying to try PayPal's latest payment features? PayPal won't be rolling out the new feature until later next year. That's a long time to wait, right? Well, PayPal wants to make sure that the systems are all set up and running smoothly before they are implemented (no glitches).
PayPal has told press that many merchants across the United States will be using the PayPal system. Plus, PayPal is the number one online payment option for many online users, and that means that tons of people will be setting up PayPal apps. If only PayPal would spread to other parts of the globe, this payment system could really take off - and compete with the likes of, say, Square.
Of course, there's huge marketing potential here too. PayPal will be working with retailers to implement deals and ads into QR codes. So, you may just get a discount with that latte. It will be interesting and exciting to see where PayPal goes with the newest payment features, right?