PayPal Unveils Mobile Payments Service

'Paypal Here' will compete with 'Square'
By Newser Editors and Wire Services
Posted Mar 15, 2012 5:33 PM CDT

PayPal has launched a mobile payments service that lets businesses accept credit cards using a small triangular card reader attached to an iPhone. Called PayPal Here, the service is similar to existing mobile payments services such as Square. Customers will be able to pay using credit cards, their PayPal accounts, or checks in the US. But they don't need a PayPal account to do so. PayPal said the service will be available for Android devices later. The service doesn't work with Apple's iPad, whereas Square does.

Businesses will be able to accept payments without the card reader, though this will be more time-consuming. Merchants will be able to manually type in or scan credit card information, or email customers an invoice that they can pay later. PayPal, which is owned by eBay, will take a 2.7% cut for each credit card and PayPal transaction. Square takes a 2.75% commission. (More PayPal stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.