BAI RD: S1, PayPal announce mobile personal payments service
At this week's BAI conference, S1 announced an agreement with PayPal to launch a mobile personal payments service, allowing users to transfer funds to PayPal users via their mobile devices. The company says Mercantile Bank of Michigan is the first institution to sign up for the offering and expects the service to be available for its customers in early 2010.
Dan Schatt, senior director and head of financial innovations for PayPal, says the agreement underscores an opportunity for unique alliances in the mobile financial services segment:
S1 is the first company to announce its intention to utilize the PayPal platform to deliver personal payments for banks across the mobile channel. This new relationship creates terrific opportunities for banks to offer valuable, differentiated services to their customers and is a great example of how collaboration with financial services technology providers like S1 can help fuel a major expansion of the reach and use of mobile personal payments.