If you come up with an idea that could literally double your revenues within a year, your firm would be jumping for joy, well with the introduction Near field communication, or NFC, online payment system Paypal could be on the verge of doing just that. The firm has demonstrated the technology at the MobileBeat 2011 held in San Francisco, where money could be transferred between two mobile devices and that is not all because by the end of the year Paypal are planning to test a similar system within a major US store group, which will open up all sorts of possibilities.
According to statement made by Dan Schatt, the general manager of financial innovation at PayPal;
“The mobile transaction can be monetized in a lot of ways. Every single transaction [results] in the recipient getting an email from someone… You have more of an opportunity to get in front of a consumer [for cross selling] than ever before.”