Groupon Gambles Big on Mobile Payments |
| CNBC - Sep 19, 2012 |
Groupon is making a big move into a new business - mobile payments - Wednesday, launching "Groupon Payments."
The deal-a-day company, whose stock has plummeted over 80 percent since its November 2011 IPO, is getting into a crowded business.
With Wednesday's announcement Groupon (GRPN) is taking on established players like American Express (AXP), plus successful startups like Square, which Visa (V) backs, along with PayPal and Google (GOOG), which are also getting into the mobile payments space.
Groupon Payments allows merchants to swipe credit cards - not just for Groupon payments, but for any credit card transaction. This is an extension of the company's "Merchants" app for small businesses to manage Groupon deals on Apple (Grey Market: APPL) iPhones or iPod touches. A credit card swiper, similar to Square's dongle, attaches to accept payments. Groupon says it accepts "all credit card payments at a lower rate than other providers."
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- Posted: 2012-09-19 13:55:33
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