PayPal goes mobile

PayPal unveiled its plan for a mobile payments space at an event in California, revealing how it would compete in the physical retail world, reports AllThingsD.

The solution is touted as a 'one-stop shop', as merchants and vendors can take advantage of a number of different offerings targeted at their customers, ranging from location-based deals to the checkout process, says ZDNet.

Given PayPal's strong role with its online payments platform through desktop browsers, it's no surprise the eBay-owned company would turn its focus to the mobile spectrum, as that market is starting to flourish.

The changes, due in the coming months, include mobile payments, bar code scanning via handheld devices, store inventory lookup and offers based on a person's location, reports Businessweek.

New services will let customers pay for a product with as little as a name and telephone number, says Sam Shrauger, vice-president of global product and experience at PayPal.

The new technologies will help boost PayPal's volume of transactions in 2012 beyond the $100 billion it is due to report this year, he said. The company had about $92 billion in payment volume in 2010.