PayPal will struggle to compete in the payments industry (Video)

PayPal

Bill Harris, former CEO of PayPal, feels that the payment firm will struggle to compete with the likes of Apple and Google during its transition into the retail world.

In an interview with Bloomberg, Harris discussed the company’s future after its well-publicised split with parent company eBay.

Harris was asked whether the company can compete with other digital payment firms, in particular Apple Pay and Google Wallet.

‘‘I think they are going to struggle, because there is so much more momentum in the mobile and retail space from other players than PayPal, and they are playing catch-up… It’s not really going to see results until the next 6-12 months,’’ commented Harris.

PayPal already has a lot of work to do if it wants to catch up with Apple Pay. In a survey commissioned by 451 Research, Apple Pay is outperforming PayPal this year, with consumers more likely to use an Apple device to make a payment.

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