Near Field Communication (NFC) – the “mobile wallet” technology – hasn’t exactly gone mainstream yet. And experts don’t expect it will anytime soon, even with some high-profile promo at the upcoming Olympic and Paralympic Games in Rio.
While it has been available to consumers for a couple of years from mega-vendors like Google, Samsung and Apple, it is a long way from displacing the legacy credit card. Google even dropped support for its Google Wallet Card last month (Android Pay is still available).
There’s no doubt that the announcement of the Visa/PayPal partnership shook the payments world more than a little bit last Thursday.
Over the last year, PayPal CEO Dan Schulman made a point, every chance he could, to let everyone know that he was the chief of a decidedly different PayPal, post its eBay independence. That PayPal, he said, was one that embraced partnerships and consumer choice. The network that started life steering consumers to ACH, he emphasized, was now indifferent to tender type. The consumer ruled.