PayPal Here is designed to make receiving card payments easier for small businesses who currently rely on cash transactions
PayPal, the online payments service owned by eBay, is to launch a chip and PIN service for mobile devices at Mobile World Congress this year.
PayPay Here will be launched in the UK first, initially to select businesses over the coming months before it fully launches here this summer.
The service is aimed at small businesses and hopes to make it easier for them to accept card payments. The device is linked to an applications on traders’ smartphones, and allows them to send invoices and receipts as well as taking payments.
There is an initial purchase price for the device (understood to be around £100) and a small fee for each transaction.
PayPal vice president of global product Hill Ferguson said: “This game-changing product reflects the huge amount of time we spent talking and listening to small businesses. They are the core of PayPal’s business and they’ve told us that they want a simple, secure way to take card payments anytime and anywhere they trade. We’ve used that feedback to create what we think is the best payment device ever created.”