The most popular online payment processor PayPal has launched small Chip-and-Pin device called PayPal Here to accept payments from credit card or debit card as well as payments through PayPal account.
PayPal is offering the tiny device to only a few selected businesses at first to test. The device will be fully launched in summer this year. At first, it will be available for UK followed by launches in other countries.
See also :
PayPal Here is primarily targeted for small businesses and retailers to enable them to accept credit/debit card payments. PayPal will charge 2.7% service fee per transaction for all cards swipes and PayPal payments.
David Marcus, President of PayPal said :
At PayPal, we spend a huge amount of time talking and listening to small businesses. They are the core of PayPal’s business and they’ve told us that they want a simple, secure way to take card payments anytime and anywhere they trade.
PayPal Here is a tiny device which will be attached to the seller’s smartphone to accept payments. The device is currently only available for UK and costs GBP £100. The seller will need to install PayPal Here App (compatible with Apple’s iOS or Google’s Android) in his/her smartphone to start accepting payments.
Watch here a small demonstration of how the device works :
PayPal is not the only one to launch such a device. Similar devices from companies like Intuit, mPowa, iZettle are already available in the market.