Only smartphones equipped with near field communication (NFC) technology, which includes models from Nokia, LG, Motorola and Samsung, can take advantage of the new app, which enables users to tap their phones together to pass payments between Paypal accounts.
To use Paypal 3.0 for Android you need to activate the ‘Request Money’ widget, type in the amount you want to send and tap your phone with another NFC-enabled device to ‘splash the cash.’ The receiver then has to enter his password to receive the money.
The update adds a few other tweaks too, boasting a new interface, an auto-complete function direct from your address book, and further security measures. Paypal is also reassuring customers that this new method of transferring money is secure.
“We maintain our industry leading security because financial information (your digital wallet) is stored in the cloud,” says Shimone Samuel, Product Experience Manager at PayPal Mobile Applications.
Before the arrival of Paypal 3.0 the only use of NFC technology was via the mobile payment system Google Wallet, available only on Nexus S, which allows you to store credit cards, loyalty cards, and gift cards and pass on payment to any merchant who has a PayPass-enabled terminal.
You can download the new Paypal 3.0 Android app here.
