PayPal has unveiled a chip and pin device that will enable small traders to receive payments via their mobile phones.
The service, called PayPal Here, is designed for merchants who have in the past found card transaction fees off-putting. A similar service was unveiled last year by iZettle with backing from EE.
It works by enabling merchants to take card payments via their smartphone. The retailers simply fire up the dedicated smartphone app, then hand customers a card payment machine. The chip and pin payment is then sent to the merchant's PayPal account, for a small transaction fee.
Select customers are set to start using the device in the comings months before being widely launched in the summer, but no pricing on what the device will cost, although it's likely to be under £100. No transaction fee costs have been announced either.
"This product reflects the huge amount of time we spent talking and listening to small businesses," said Cameron McLean, managing director of PayPal UK in a blog post.
"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."
A small number of firms have already been trailing the technology, with one being Greedy Goat, which sells goat's milk ice cream in market such as London's Borough Market
"Cash is king in the market, but people run out of cash very quickly, and we often lose sales because customers can't face the long weekend wait at the cash machine," said the firm.
"PayPal Here is perfect for us, as it gives our customers the chance to pay by card, backed by the reassurance of the PayPal name on the machine."
A video of the firm using the service, demonstrating how it works, can be seen below.
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