eBay Inc (NASDAQ:EBAY) is diversifying its payment platform PayPal to the brick and mortar world. While PayPal has arguably been the best payment medium on the internet, it was always searching for ways to get into physical payments. With eBay Inc (NASDAQ:EBAY)’s blessings, PayPal recently launched an app which allows users to make payments through their mobile phones. The app is said to have been downloaded a whooping 150 million times in the span of a month. Lauren Simonetti and PayPal’s Head of Consumer PR Pablo Rodriguez recently discussed the new app and its capabilities on Fox Business.
“[…] Your phone has turned into your digital wallet and there is three things that we are letting our consumers know that you can do with the app that are new, one is order ahead, one is pay at table and then the last one we are going to show right now, which is called PayPal check-in,” Rodriguez said.
Rodriguez then proceeded to explain all the three types of payment features that PayPal’s new app has. Simonetti mentioned on the program that PayPal’s payment app was just as fast as Rodriguez demonstrated earlier. She also revealed that if someone lost the phone trough which they were using the PayPal app, they don’t need to fret as none of the PayPal merchants store consumer data and all transactions are encrypted, reducing the risk of any kind of foul play. All that a customer needs to do is to call PayPal if they lose their phone and their app would be blocked for further use. According to Simonetti, the projections are that payments through mobile wallet will represent a $1 trillion market by 2017. If that goes on to be true, PayPal’s mobile wallet can surely be a big winner for eBay Inc (NASDAQ:EBAY) .
As of June 30,2014, Carl Icahn‘s Icahn Capital Management LP owns over 32 million shares in eBay Inc (NASDAQ:EBAY).