Subway's PayPal Partnership Just The Latest Step In Mobile Fast Food Payments
Digital payment company PayPal Holdings Inc (NASDAQ: PYPL) has partnered with Subway to add PayPal’s OneTouch technology to Subway’s mobile app.
Subway’s app, which already includes support for Apple Inc. (NASDAQ: AAPL)’s Apple Pay and Google Inc (NASDAQ: GOOG)(NASDAQ: GOOGL)’s Android Pay, allows users to place orders and pay on their phones so that they can then simply pop into a Subway to pick up their orders.
Benefits Of OneTouch
PayPal’s OneTouch works across all mobile apps in which PayPal is integrated. For the user, this means that they must only sign into their PayPal account one time within a supported app to be able to skip the PayPal login process for other supported apps.
Subway believes that this type of mobile ordering and payment technology suits its modern customer base very well.
“Bringing together the convenience of what PayPal will enable us to further do with our mobile app is very much in sync with what we’re trying to do – which is make it as simple as possible and as convenient for customers to buy sandwiches from us,” Subway director Ken Moy explained.
The Rise Of Mobile Payment
Pre-ordering and pre-paying for food via smartphone is becoming more and more commonplace. The Subway/PayPal partnership announcement follows an announcement earlier in the week that Restaurant Brands International Inc (NYSE: QSR)’s Burger King will be integrating MasterCard Inc (NYSE: MA)’s MasterPass digital payment platform into a mobile app.
Statista projects that global mobile payment volume, which reached $325 billion in 2014, will balloon to $721.4 billion by 2017.
This type of growth could present a huge opportunity for opportunistic investors. In addition to PayPal, Apple, MasterCard and Google, other top players in the mobile payment space include VeriFone Systems Inc (NYSE: PAY), Samsung Electronics (OTC: SSNLF) and Visa Inc (NYSE: V).
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