Making business transactions smooth and at the spot ,PayPal has come up with convenient way of money transfer through mobiles capable with NFC.
The payments work through a PayPal widget that allows a user to request or send money. A user enters the transaction information and then taps their phone up against another phone also equipped with the same app. After the phones buzz together, the recipient can decide to send or receive money by entering a PIN number.
Now for those who are not familiar with what NFC is ,please read below lines
“Near field communication, or NFC, allow for simplified transactions, data exchange, and connections with a touch.Formed in 2004, the Near Field Communication Forum (NFC Forum) promotes sharing, pairing, and transactions between NFC devices and develops and certifies device compliance with NFC standards.A smartphone or tablet with an NFC chip could make a credit card payment or serve as keycard or ID card. NFC devices can read NFC tags on a museum or retail display to get more information or an audio or video presentation. NFC can share a contact, photo, song, application, or video or pair Bluetooth devices”
Now focussing again on the news,PayPal demonstrated the NFC technology in a video we’ve included below. In the PayPal system, a person with an NFC-capable phone can request a certain amount of money from a friend. If the two touch their NFC phones together, both phones vibrate, and the money transfers from one PayPal account to the other.