PayPal is in the process of developing a number of applications and programs to encourage consumers with smartphones to make their retail purchases at brick and mortar stores instead of online giants like Amazon.
“Commerce is no longer about location, location, location,” Don Kingsborough, the vice president of retail for PayPal, said, according to Financial Times. “New commerce is about engagement, engagement, engagement.”
Developers at PayPal are working to create loyalty programs that offer consumer discounts when entering stores, as well as applications that allow consumers to place and pay for food orders on their phones before picking them up in-store without having to wait in line.
PayPal executives said that the financial benefits would extend not just to retailers but to the company itself. In the last three years, eBay-owned PayPal has doubled its revenues and expects to double revenues to up to $10.5 billion again by 2015, Financial Times reports.
Kingsborough said executives he had spoken with in the past two years were trying to figure out how to encourage shoppers to buy from their retail stores instead of large online retailers like Amazon.
During eBay analyst day on Thursday, the company said it planned to work “with retailers, not against them” in an environment where consumer shopping habits are increasingly spread across online and offline stores, according to Financial Times.