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PayPal - coming to a store near you
PayPal is ramping up its offline presence and, after a launch with The Home Depot in January, has reached agreements with 15 more stores as well as two of the world's largest point-of-sale terminal manufacturers.
PayPal began testing their offline payment system back in January, 2012. It involved 50 of The Home Depot's locations.
Today, the company is ramping up their offline presence. As well as rolling out the payment solution to all 2,000 of The Home Depot's stores, another 15 brick-and-mortar retailers have agreed to use PayPal's offline payment solution.
They include Abercrombie & Fitch, Advance Auto Parts, Aéropostale, American Eagle Outfitters, Barnes & Noble, Foot Locker, Guitar Center, Jamba Juice, JC Penney, Jos. A. Bank Clothiers, Nine West, Office Depot, Rooms To Go, Tiger Direct and Toys "R" Us.
"This is only our first installment. There will be others," Don Kingsborough, the PayPal executive overseeing the offline initiative, told Reuters.
But what will persuade consumers to switch from plastic to PayPal? According to Kingsborough, it's all about the data.
PayPal plans to share more data with participating retailers than is currently provided. This is viable for PayPal because they don't use credit card data for transactions, just the user's email information. Therefore, more data can be collected and used to better target shoppers which, in turn, will encourage them to use PayPal more.
While this initiative is currently only available in the U.S., it can only be a matter of time before it rolls out internationally.
PayPal also announced deals with POS terminal manufacturers VeriFone and Equinox to integrate PayPal functionality into their payment terminals.
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