Mobile payment services are the next big thing for smartphone owners, with some analysts predicting that smartphone-based payments will become a $617 billion industry by 2016. Big name companies like PayPal are offering mobile payment solutions and working with app developers to get this fledgling industry off the ground.
The latest venture pairs PayPal with Storific, a Paris start-up that wants you to buy your lunch using your iPhone. According to VentureBeat, the service works with small restaurants and cafes to help them streamline the online ordering process. Storific offers an iPhone app that lets customers order ahead and pay for their food without waiting in line. Food establishments receive the order and prepare the food while the customers makes his or her way to the restaurant.
Payment is handled via PayPal wallet, which will deduct the money from the customer's account and automatically send it to the merchant's account. PayPal charges restaurant owners the standard transaction fee that anyone pays when they receive a PayPal payment.
Storific started in December 2010 and is available in about 80 locations across the US and Europe.