eBay-owned online payment service PayPal is introducing a new Chip & PIN device for UK retailers. It’s called PayPal Here - the same name as the company’s plug-in reader for swipe cards in the USA - and is designed to work in conjunction with a smartphone app.
Retailers buy the PayPal Here device, download the iOS or Android app and then use Bluetooth to pair the card reader with the phone. They can then take payments from Chip & PIN cards, with the option of sending receipts or invoices via email. Payments can also be accepted via PayPal.
PayPal will charge a transaction fee to the retailer, although pricing hasn’t yet been revealed.
The device is being made available to select UK businesses in the next few months before a full UK launch this summer.
[PayPal blog]