Money Matters - Simplified

PayPal inks deals with 15 retailers, increases offline presence

PayPal has inked deals with 15 retailers that will allow consumers to pay for purchases with their cell phones at brick-and-mortar stores.

In an agreement that is likely to provide more convenience to shoppers, PayPal has tied up with 15 retailers. The deal will enable shoppers to pay via their cell phones at these retail stores.

The eBay owned PayPal has joined hands with Toys R Us, J C Penney, Jamba, American Eagle, and Barnes & Noble. A big name, conspicuous by its absence in the list of retailers, is the Target Group.

Offline Expansion
The company had, earlier this year, inked a deal with Home Depot wherein PayPal, as a mode of payment, started to be accepted in close to 2,000 stores. The pact with Jamba, American Eagle and Toys R Us needs special mention as these retailers already use Google Wallet, a service provided by Google and similar to that of PayPal.

The latest deals will enable the San Jose, California based PayPal increase its presence considerably in brick-and-mortar stores. John Donahoe, Chief Executive Officer of EBay and Chief Financial Officer Bob Swan revealed that PayPal intends to sign up 20 big retailers by the turn of this year.

“20 large merchants would partner with us this year. This is only our first installment. There will be others," confirmed Don Kingsborough, a PayPal executive connected to the company’s offline initiative.

As a part of its endeavor to increase its presence in physical stores, PayPal has also inked deals with VeriFone Systems and Equinox Payments. PayPal will get its payment technology on the checkout terminals of VeriFone Systems and Equinox Payments as a result of these deals.

About PayPal
Founded in 1998, PayPal is global e-commerce business well known for enabling flow of money through the Internet. Since inception, it has grown rapidly as it enables people to make safe online payments.

PayPal was extremely prominent on eBay's online marketplace, which led the latter to acquire the former in 2002.