Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
20th March 2012
PayPal phone to card acceptance device converter
PayPal Here, the anticipated add on to a smartphone turning the phone into a card acceptance machine has launched. It is currently available to select merchants in the United States, Canada, Australia and Hong Kong, with a promise to widen this to all merchants in those countries next month. Availability in other countries is promised soon. At this time, the hardware dongle and ap is available for iPhone only with the promise of an Android version soon. The dongle is a triangular device fitting into the headphone sub-miniature jack-socket.
The related ap can also take payment from a PayPal account following a tap by the customer. The merchant then scans the PayPal screen on the user's smartphone showing the user's picture and username. The customer then confirms the payment.
PayPal has priced aggressively for small merchants. The discount is a flat rate of 2.7% with no standing charges and almost immediate credit to the merchant account. In addition, every PayPal Here merchant will receive a business debit card for quick access to cash and 1% cash-back on eligible purchases.