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BizReport : E-commerce : November 20, 2007
PayPal expands reach with MasterCard
E-retailers who do not offer PayPal as a payment option may benefit from a new virtual card being released by the online payment service.
The PayPal Secure Card, which has been in testing for a while, is to be launched in the U.S. this week. The browser plug-in, which has undergone testing by around 3 million PayPal account holders, detects when an online shopper visits an e-retailers check out page and automatically fills in their stored details.
The virtual card, which is being launched in partnership with MasterCard, works in a similar way to the one-time use cards already being offered by Citi and Discover. With 164 million account holders, of which around 37 million are active, PayPal’s Secure Card is in a position to garner a huge following. It will allow online shoppers to buy from e-retailers that take MasterCard, whether or not that merchant accepts PayPal.
Several high-end e-retailers plan to offer discount promotions to attract customers to the new payment method including Blue Nile, attracted by the lower payment processing costs and access to more consumers.
“More than 15 merchants, including BarnesandNoble.com and SharperImage.com, will follow suit,” reports the New York Times. “Other sites, like Shoebuy and Zales, will offer other discounts and shipping promotions to PayPal customers.”
Tags: checkout, online shopping, payment options, PayPal, virtual card
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Comments
Very interesting, big companies are jumping into the bandwagon. I wonder if google checkout will do something similar.
Posted by: Don on May 30, 2008 21:20