PayPal Targets Square with New Mobile Payment Offering
PayPal today announced PayPal Here, a new mobile payment service that the company hopes will be picked up by small retailers. The service uses a triangular attachment that is plugged into an Apple iPhone's 3.5mm headset jack and can be used to accept credit cards. The associated application also lets consumers make payments to the merchant via PayPal accounts or checks in the U.S., though a PayPal account is not required. PayPal is planning to offer the service to Android-based smartphones soon, though it isn't quite ready yet. PayPal will take a 2.7% cut for each credit card and PayPal transaction made via the service.
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