View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Networks
February 26, 2013

PayPal co-founder launches new mobile payment startup

The start-up uses Facebook authentication to confirm the identity of users and assure payment to merchants.

By CBR Staff Writer

PayPal co-founder, Max Levchin, has launched a rival mobile payment business called Affirm which claims to offer payments with fewer clicks.

Affirm’s new technology claimed to allow customers to make purchases through just two taps on a smartphone screen.

Affirm’s new payment technology would allow shoppers to complete their online purchases more rapidly and easily through smartphones and other mobile devices.

The new start-up is aimed at streamlining the mobile checkout process online.

During the registration process, the start-up uses Facebook authentication to confirm the identity of users and then assure payment to merchants.

According to AllThingsD, Levchin said the company is trying to get as close as possible to one-click, which has always been the case on the desktop.

"In mobile, it has become an imperative to be able to buy it now or you lose a customer quickly," Levchin said.

Content from our partners
Five key challenges facing the fashion industry
<strong>How to get the best of both worlds in the hybrid cloud</strong>
The key to good corporate cybersecurity is defence in depth

"You will essentially be putting a purchase on a digital tab, and we are going to make it work for us by looking at all available data to determine if you are someone who will pay it back."

Additionally, users will get 30 days to pay for their purchases, and if users do not pay their balance, they will be charged fees on delinquent accounts.

Users can also pay their balances through credit cards, bank transfers or physical checks.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.