PayPal: Mobile Payments Is Here

Written by Oonagh Reidy     04/04/2014 | 10:30 | Category: PHONES

Mobile Chip n PIN device the new face of m-payments

PayPal: Mobile Payments Is Here

PayPal Here, chip and PIN credit card reader lets sellers accept card payments from their smartphone. The app and Bluetooth device, launched this week, is designed for Australian small businesses and mobile sellers.  

The PayPal Here device is paired with a smartphone via Bluetooth, and accepts credit, debit, MasterCard and Visa card payments via card insert.

It allows businesses to operate remotely, the seller just needs their smartphone to process payment. Customers just insert their card, dial in their chip and the smartphone indicates if the payments has gone through. 

Sellers can also issue consumers with receipts, distribute invoices and log cash payments. 

The new device is in line with new regulations and the secure, chip and PIN credit card reader will soon be mandated across ATMs, cards and payments terminals. 

PayPal Here Chip and PIN is fully encrypted to help protect card information. It costs AUD$139 for the card reader and a small fee per transaction. For credit cards it's 1.95%. 

Registrations for the new product are open, with devices scheduled to ship before June 30. "Today's shopfront is increasingly mobile with consumers embracing this trend and no longer expecting to have to travel to a shop for everyday goods and services," said Andrew Rechtman, Senior Director of SMB, Retail at PayPal. 

"This is why we've developed the new PayPal Here - to give businesses the flexibility to be more mobile, without being hampered by logistical challenges that technology can easily overcome." Australia is increasingly moving to a cashless society and card payments are increasingly replacing cash for smaller transactions.  

Data from the Reserve Bank showing that the average value of card payments fell in 2012/13.The first PayPal Here was launched in March 2012.

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