PayPal gave merchants and others a peak at the new payments technology that, it said, will allow it to overcome the dominance of Visa and MasterCard at the point of sale.
"There's a new normal in retail," wrote PayPal CEO Scott Thompson in a blog entry on the new technology. "Shopping is 24/7, and it happens everywhere–not just in a store or website. The intersection of smartphones, social media, online and offline shopping has put the consumer squarely in control."
The new suite of payment services relies heavily on mobile phone technology and in many cases bypasses point of sale terminals, according to reports from media outlets, which were allowed to view the technology and a video the company produced.
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