PayPal, the e-commerce business enabling electronic payments and money transfers to be made through the Internet, has announced a new version of its PayPal Here mobile payment solution in the UK where Chip and PIN is the prevalent mode of card authentication at point of sale.
The new palm-sized device connects to a mobile phone via Bluetooth and allows businesses of all sizes to not only accept Visa and MasterCard debit and credit card payments using Chip and PIN technology, but also accept PayPal payments, log cash and checks, and send invoices.
PayPal Here is fully accredited, using encrypted Chip and PIN technology. If the device ever gets lost or stolen, it can immediately be disabled remotely. Initially PayPal Here will be compatible with Apple iPhone and Android phones, with more platforms announced at a later stage.
Buying the device is a one-off, and then it’s all yours. There is no setup, cancellation or recurring charge; only a small fee for each transaction. More details on pricing are coming soon. PayPal Here with Chip and PIN will be widely available in summer 2013 in the UK.