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eBay's PayPal announces PayPal Beacon, enabling hands-free payment

PayPal announces PayPal Beacon, a new technology for merchants that will enable consumers to pay at many of their favorite stores completely hands-free. It will reinvent today’s in-store shopping experience by making it simpler, faster and richer for consumers, while providing retailers with more ways to differentiate themselves from their competitors. “PayPal Beacon opens the door to a fundamentally different way to use technology to make shopping more valuable and more personal for consumers and retailers,” said David Marcus, president, PayPal. “We challenged ourselves to find a better experience than swiping a credit card. We figured the only better way to pay would be to do nothing. Just walk in a store, and, like magic, when you’re ready to pay, money is transferred securely. No wallet. No card. Nothing to do. Not even touching your phone.” PayPal Beacon devices will be generally available for merchants to purchase early next year.