PayPal and General Electric Make First Step towards Virtual Money Economy
The acceptance of the internet is resolved in many different innovations and enterprises. The digital frontier is one that thought about significant change in both the manner of doing things and the tools used in doing the same. One of the horizons that were affected was the business horizon.
Business has since taken off from being a brick and mortar kind of enterprise to one that is hosted online of course with many apparent advantages. Taking one's revenue generator online has got the advantage of marketing in that there are millions who will see what you are up to and want in as opposed to the few who would on the ground. However, there is also the problem that comes with payment. How is the money going to get to you? Well, thankfully we have PayPal to worry about that for us.
Only the best there is when it comes to the securing of you online money, PayPal is a form of online policing company that ensures the security of transaction. Whenever you make any payment online, there is always the option of paying via PayPal as opposed to any other service provider.
The company is accredited all over the world and as such has a reach that few others can muster. PayPal is generally the originator of online payment security solutions and of late has been moving on to other projects. Recently, the company made a significant move into the electric car wattstation scenario.
Having partnered with General Electric (GE) Industrial Solutions, the two companies have come up with a consumer-friendly way of paying for power at any of GE's wattstations.The payment method consistors of a special PayPal payment system and a novel application for iPhone. The application will allow drivers to first of all find GE
Watt stations analyze pricing and provide a facility via which the power can be paid for through PayPal. The application works by the driver scanning a Quick Response (QR) code that is embedded on the charger.
This calls up pricing and options for payment via PayPal. The driver can then authorize the cash transfer or otherwise. The technology involved is online payment platforms, optical recognition and GSM widespread coverage.
The above indicated transaction has got both companies excited due to the fact that it could have been the first phase of the journey to a virtual money economy. If pushed, the frontier of online payment for domestic amenities could revolutionize the way we conduct ground commerce.