Affirm enters the UK fast-growing mobile payments business and
mobile commerce.
PayPal Co founder launches rival business called Affirm that
lets you pay with two taps on a smart mobile phone.
Affirm UK which is
owned by Max Levchin, co-founder of the online payment giant plans to compete
in the crowded and UK fast-growing mobile payments business.
Affirm UK's technology will help the mobile phone UK shoppers complete online purchases more
quickly and easily when they are using smartphones , tablets and other devices.
eBay is now the owner of PayPal, which is one of the leaders
in online payments, however, the company is being challenged by a host of
start-ups, including, o2, Barclay, Square etc. that all focus on new
opportunities and problems created by the boom in mobile phone commerce.
Affirm UK is focusing on streamlining the mobile checkout
process online, which currently involves typing in lots of information, like
address, card numbers etc. using a small type pad.
Affirm also said it has whittled the online buying process
down to two taps on a smart phone screen - one to tap the Affirm button on
participating merchant websites and a second to confirm the order.
Affirm is using Facebook to confirm users' identities, so
for first-time users the process includes a third step which involves logging
into their Facebook accounts and accepting the Affirm application.
Mr Levchin co-founded PayPal with Peter Thiel and was its
chief technology officer for four years, before it was acquired by eBay. He designed
and built PayPal's pioneering online security and fraud-prevention systems.
Affirm said it plans to gives UK users 30 days to pay for
their purchases, comparing the service to a charge card. It makes money by
charging participating merchants a small fee.
However, if users do not pay their balance, Affirm can
charge "reasonable" fees on delinquent accounts, according to the
company's terms of service.
Affirm users can pay off their balances using credit cards,
bank transfers or physical checks. PayPal was not included as a method of
payment in its terms of service.
Last week PayPal UK announced the launched a new chip and pin machine to offer
small traders such as ice cream sellers, market stall holders and taxi drivers
a way to accept card payments.
In the next few years the mobile phone or smartphone will become the most common way for the UK consumers to access the Internet. What are you and all UK local businesses doing about it ?
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