PayPal has developed a way for two phones to make payments to each other via near-field communications on Android, the company announced at the MobileBeat conference today. While there is currently only one phone in the US capable of the NFC transactions PayPal has worked out, PayPal is certain the method is an important step in keeping up with competitors like Square and Google, companies that are hard at work developing their own mobile payment methods.
PayPal demonstrated the NFC technology in a video we've included below. In the PayPal system, a person with an NFC-capable phone can request a certain amount of money from a friend. If the two touch their NFC phones together, both phones vibrate, and the money transfers from one PayPal account to the other.
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