PayPal has launched PayPal Here, a smartphone-based payment system that makes it easier for cash-based businesses to accept digital payments.
Interested businesses can download an app onto their Android or Apple iOS device and purchase a “revolutionary” card reader that is small enough to fit in a pocket but can still handle Chip and PIN payments.
The reader is paired with the smartphone, allowing businesses to accept payments whenever and wherever they conduct business. It will also let owners send invoices and receipts to customers.
“Small businesses are the lifeblood of the British economy. And in tough economic times, they can’t afford to turn away sales,” said the eBay-owned company. “Yet that’s what many are doing, because they’ve been unable to find an affordable way of accepting credit and debit card payments, especially for face to face transactions. Card payments have been an exclusive club – until now.
“PayPal Here is unique: a complete payment solution that allows any business to accept PayPal, credit and debit card payments simply and securely on the go.”
PayPal said there is no contract to sign nor any ongoing fees as the only charges are the initial cost of the card reader and a small fee for each transaction. PayPal Here will be made available to selected businesses over the coming months before becoming generally available later this summer.
PayPal was launched in the US last year in the form of a thumb-sized credit card that plugs into a smartphone’s headphone jack. PayPal explained that, at the same time, it deployed a team in Britain to create a version for the UK and other markets where Chip and PIN payments are standard.
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