Ending a period of intense speculation, PayPal revealed their next generation payment solutions for merchants today. Complete with full court press coverage, a blog from president Scott Thompson, and a stirring new video – this launch is being widely viewed as a gauntlet being thrown down to the legacy card networks.
“In a blog, president Scott Thompson says: “There’s a “new normal” in retail. 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.”
Perhaps the reality isn’t quite that dramatic, but it’s certainly made for a full day of news and opinion across the industry. PayPal sees itself as a fifth network, but can it convince the industry?