At the MobileBeat 2011 Conference this morning, PayPal Mobile's senior director Laura Chambers debuted the company's first Android NFC endeavor: phone-to-phone PayPal transactions.
"At this morning’s session, I had the privilege of demoing our new NFC-enabled Android widget that lets people pay and get paid in a matter of seconds by simply tapping together two Samsung Nexus S phones. This feature will be out in the market late this summer," Chambers said.
Here's how it works:
- Person 1 begins a money send or money request via a homescreen widget
- Person 1 and 2 hold their NFC-enabled Android phones together until they vibrate.
- Person 2 punches in their pin. Bam! Just like that, the money is transfered. It's like the Wonder Twins, except instead of rings you have phones and instead of turning into an eagle or a bucket of water you get money.
On a reader's question about what percentage PayPal takes in these transactions, here's PayPal's response:
P2P transactions through PayPal are free if using a bank account or existing balance in the customer's PayPal account.