PayPal Here aiming to compete with Square
Square is getting more competition left and right these days. Having the ability to take payments directly on a mobile device is something that is apparently getting very popular, so it’s no surprise that PayPal wants in on the action. What started off as the payment system of eBay is now a massive venture that includes mobile apps and debit cards, so why not a mobile card reader as well?
The new service, called PayPal Here, will work on the same basic concept of paying only a percentage of each transaction, no monthly or yearly fees. You get the app and card reader triangle for free, and then you pay PayPal 2.7% of every transaction. The system is being shown off with an iPhone, but will likely work with an iPas as well, and perhaps even Android devices since it connects via the headphone port.
The service is launching now in the US, Australia, and Hong Kong, giving PayPal Here a less country-specific start than Square.
[The Verge]
