Photo: Wallet from Flickr
PayPal has bought a mobile payments startup called FigCard, PayPal announced on its blog.FigCard had an interesting model: it makes a USB stick that merchants can stick into their cash registers and take payments from smartphones if the customer has the FigCard app. Obviously this creates a chicken and egg problem that will be much easier to overcome with PayPal’s huge installed base and mobile API.
Mobile payments is a huge opportunity and companies big and small are scrambling for it. Google is rumoured to want to include contactless payments in Android phones, as is Apple. And Square has a disruptive plan for mobile payments thanks to its dongle.
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