PayPal has withdrawn from the race towards near field communication (NFC) payments, according to reports. The online payments giant stated that it felt the technology would be a “step backward” for point of sale transactions.
PayPal's recent NFC pilot program, which was wrapped up in December. 2011.
Upon ending the pilot, the company reported a lack of investment and interest by the retail industry. PayPal further stated that the overwhelmingly lukewarm response would not prove to be enough to sustainably propel the project going forward.
However, the company emphasised its commitment to m-commerce.
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