The acquisition will add more than 300 products to L’Oreal’s lineup.
Matthew Weathers, formerly of PayPal Mobile, will serve as vice president of product.
ShopSavvy has named Matthew Weathers vice president of product. Weathers previously was product lead for PayPal Mobile.
ShopSavvy is an app that enables consumers to scan bar codes of products and conduct immediate, in-store price comparisons with local and online retailers. The app runs on multiple smartphone platforms and the company claims to have more than seven million active users and information on more than 20 million products.
Weathers’ new responsibilities include leading the development of ShopSavvy’s mobile commerce strategy, including QuickPay, which enables ShopSavvy users to purchase the products they scan without leaving the application.
“ShopSavvy intends to be a driving force in this fast-growing market,” says Alexander Muse, co-founder of ShopSavvy. “Matt Weathers, who ran the product team and strategy for PayPal Mobile, is an ideal choice to lead this effort.”
In January, ShopSavvy introduced QuickPay 1.0 on both the iPhone and Android smartphones. The feature enables consumers to purchase items via PayPal, but in the near future, the company says it will unveil QuickPay 2.0, which will also support credit cards. Additionally, QuickPay 2.0 will offer mobile wallet features to enable point-of-sale purchases via near field communication.
But mobile devices must have an embedded NFC chip to conduct such transactions, in which the consumer waves a phone past a payment terminal, and few do. The next generation of the iPhone, possibly to be released later this year, may have an NFC chip. Additionally, merchants have to have NFC-enabled point-of-sale hardware, and most merchants today are taking a wait-and-see approach to NFC.
ShopSavvy appears optimistic. “QuickPay will allow ShopSavvy users to use the app as an integrated wallet, making purchases from both local and online retailers without needing cash or a credit card in hand,” Weathers says.