PayPal Has A New Retail Trick Up Its Sleeve; PayPal Beacon is a small proximity-based USB device that enables customers to buy things from retail locations hands-free

PayPal Has A New Retail Trick Up Its Sleeve

DYLAN LOVE OCT. 12, 2013, 9:23 AM 3,789 6

paypal-beacon

PayPal is one of the dominant names when you’re talking about mobile payments. They recently introduced a brand-new system that’s going to change how you interact with the retail environment. It’s a small USB device (pictured right) called Beacon, and it enables customers to buy things from retail locations hands-free. If you’re one such customer, you don’t have to touch a wallet, a credit card, or any physical money at all to pay for your items. By checking in to a store à la Foursquare (you can even configure the app check you into places automatically), that retailer has access to the funds in your PayPal account and you can pay for your items directly with that money. It’s proximity-based, so you do have to be physically present at the store. The security check happens when the retailer is shown a picture of your face to make sure that you’re who you say you are. With that confirmed, your total purchase is deducted from your PayPal account.Your PayPal app does not need to be running to take advantage of Beacon, but your app’s settings will need to be configured so that it can properly interact with the device.

The premise of strolling into a store, gathering your items, and walking out with little more than a glance at a cashier is a really compelling one. Bluetooth has previously freed up your hands during phone calls by way of wireless, but now it’s being harnessed to free up your hands while shopping

This is not yet available, but PayPal will be piloting be in units in retail locations around the country. If you want to know when it comes out, you can head over to the PayPal website and sign up to be notified via email at the bottom of this page.

The system is also remarkably similar to one from mobile payments startup Square called Square Wallet, which is being tested in some stores now.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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