PayPal is planning to launch a new in-store payment system next year. This, Business Insider reports, could include a digital wallet for physical stores and NFC and QR code technology to facilitate payments. The plan was revealed by PayPal CEO Dan Schulman in a recent interview with Axios.
Schulman observed that in-store payment is becoming more attractive given the benefits it can offer customers—for example, using reward points to make purchases, or using a combination of reward points, a debit or credit card, or other forms of payment. According to Business Insider:
“These features could make in-store payments more convenient and flexible, helping PayPal become a significant player in the space, so it’s very possible PayPal’s in-store offerings will include such capabilities as well as other financial tools like POS financing.
“Notably, mobile in-store payments haven’t taken off yet in the US, as they’re projected to bring in just $76 billion in payment volume in 2019 in the country, while mobile e-commerce is set to more than double that total, but new features and values like those Schulman mentioned could help the industry take off in future years.”
In the same interview, Schulman addressed the challenges of doing business in repressive countries like China.
“We work with regulators around the world,” he said. “That is who we are. And so we need to learn, if we’re going to be a global company, to be flexible, and you need to be nimble, and you need to follow the rules of each country that you’re in.”
“We need to rise above our own self-interests and really think about the whole,” he continued. “To me the whole is, ‘Do consumers have financial health?’ I think what we should try to stay away from … are political issues.”
“Every country around the world has issues. We need to navigate those in a way that we feel is most consistent with our values, and most consistent with our mission. … I wouldn’t single out China.”