As the market for mobile commerce heats up, PayPal has decided to withdraw from the pursuit of NFC-based payment applications, according to a report by Wall Street Daily.
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PayPal stated that it felt the technology would be a “step backward” for point of sale transactions. The company’s decision is likely attributable to its recent NFC pilot program, which was wrapped up in Dec. 2011.
Upon ending the pilot, the company reported a lack of investment and interest by the retail industry. PayPal further stated that the overwhelmingly lukewarm response would not prove to be enough to sustainably propel the project going forward.
However, the company emphasized its commitment to mobile commerce. The company is currently working to find a similar service that will satisfy consumers and retailers as well as outpace NFC technology.
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