As the company that has led the pack in the digital payments arena since the late 90s, it’s only natural that they’d bite back against newcomers trying to disrupt their business, such asSquare, which is generating buzz that far outweighs the company’s reach. AndPayPal‘s Director of Global Communications, Anuj Nayar, has done exactly that.
In aninterview with Fast Company, Nayar is quoted saying “Existing models don’t go away until they are replaced by models that work better. I think people are getting held up in the technical possibilities, and are forgetting that at the end of the day, the consumers have to choose to use it. Unless they can see advantage in doing this versus the existing way of paying, I ask the question: Why would they? The consumer needs to see the benefit beyond, ‘This is just cool.'”
Nayar goes on to say that there’s nothing inherently easier about making a payment via your phone over swiping a credit card — particularly without NFC involved.
There’s also a vague reference in the interview to a system that PayPal is developing that will purportedly be better than, and yet be nothing like, Square.
Calling all Scaleup founders! Join the Soonicorn Summit on November 28 in Amsterdam.
Meet with the leaders of Picnic, Miro, Carbon Equity and more during this exclusive event dedicated to Scaleup Founders!
Nayar does make a compelling argument, but with Square garnering such strong support through the US and preparing to go to war with the giant, one has to ask: is this a case of sour grapes, a public relations move to fight back against the groundswell of support for Square, or is it a valid criticism?
Read thefull article at Fast Companyfor more details.
Story byJoel Falconer
Joel Falconer is the Features Editor at TNW. He lives on the Gold Coast, Australia with his wife and three kids and can sometimes be found g(show all)Joel Falconeris the Features Editor at TNW. He lives on the Gold Coast, Australia with his wife and three kids and can sometimes be foundgamingorconsulting. Follow Joel onTwitter.
Get the TNW newsletter
Get the most important tech news in your inbox each week.
