Getting in the NFC based payments arena, PayPal today announced new Peer-To-Peer payment solutions; using which people can now pay or get paid simply by tapping two Nexus S devices together. It is available only with Nexus S devices on T-Mobile and Sprint in US, but will be expanded to other devices which come with NFC hardware in the future.
All this happens using an Android widget, which resides on both the devices and you enter the transaction information and tap the phones together, after the phones interact – you can complete the transfer by entering the PIN number.
Such P2P transactions through PayPal are free if using a bank account or existing balance in the customer’s PayPal account.
Availability: This PayPal widget will be available later this summer.
You can see it happening in the demo video below: