The Prepaid Press - VeriFone and PayPal Partner

05/24/2013

VeriFone and PayPal Partner

To Bring Alternative Payments to Large Retailers

SAN JOSE, CA (May 24, 2012) VeriFone Systems, Inc. (NYSE:PAY), and PayPal have signed a licensing, marketing and implementation agreement that they say advances PayPal acceptance at large retailers nationwide.

Together, VeriFone and PayPal say they are offering retailers the opportunity to converge e-commerce and retail payments into a new shopping experience for consumers.

As participating retailers take advantage of VeriFone's software upgrade and services, shoppers will be able to utilize the existing spectrum of PayPal payment methods at checkout, including using a PayPal Access card and PIN or entering a phone number and PIN. They say the VeriFone solution is future-proof so that adding new options, such as NFC, will be easy to implement when they become available.

"VeriFone's extensive customer base and strong technology make it a natural ally for PayPal as we continue to deliver on our strategy to bring intelligent electronic payments and value-added offers to brick-and-mortar stores," said Don Kingsborough, VP, Retail and Pre-Paid Services, PayPal.

Initially VeriFone will layer PayPal's "digital wallet" interfaces and user experience at select merchant locations in the US, alongside traditional payment forms. Long-term, VeriFone will enable PayPal acceptance natively as part of new services and solution packages offered to its global retail customer base.

"Retailers who take advantage of the extensions to VeriFone's platforms will be able to offer their customers a rich environment that integrates the virtual and physical retail worlds," said Jennifer Miles, VeriFone executive vice president, North America. "By working to extend PayPal's reach into traditional retail, VeriFone is providing retailers with an immediate and simple way to adopt and manage new payment experiences that consumers are demanding."

Source: VeriFone; PayPal