PayPal co-founder launches new mobile payment startup


by CBR Staff Writer| 27 February 2013

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

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.

"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.

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