Dan Schulman gave media a glimpse at PayPal’s future in San Francisco event Thursday

PayPal’s new chief executive has promised to expand the popular online payment system in order to handle transactions in stores and on mobile devices.

California-based PayPal will be spinning off from parent company eBay later this year. The CEO of the new PayPal will be veteran executive Dan Schulman.

He said that his company will position itself as a ‘full-service’ payments partner for consumers and merchants. It will handle mobile transactions, credit purchases and even customer loyalty rewards programs.

PayPal was best known as a payment method for purchases made on desktop computers for many years. However, there has been an increase in use of mobile phones to shop online by customers. A third of transactions made on mobile devices is handled by PayPal.

In an interview Thursday, Schulman told The Associated Press, "Those worlds are blurring. When you go into a store environment, and you have your mobile phone with you, it should be a simple step to do a checkout from that device”.

New partnerships with companies that help merchants sell goods online around the world were announced by PayPal. It also advertized a recent partnership with Burger King that lets consumers pay for their meals with a smartphone app.

Schulman said that the company wants to be more than just a button on a merchant's website. It aims to provide a full suite of services and products.

PayPal wants to expand is credit service that would allow shoppers to spread payments over time. The company is extending a service for websites and mobile apps that remembers an individual's account information and shipping address.