PayPal Enters European mPOS Market
PayPal chose the end of the week to hit the payments industry with big news: it is bringing its mobile POS solution, PayPal Here, to Europe.
“PayPal Here has been a big hit since its launch last year, and I’m thrilled that we’re bringing a brand new version that’s designed for Europe and beyond. We aimed to create game-changing device for businesses in the UK and other nations where Chip & PIN payments are standard. The result is a beautiful device that offers a strong and secure solution for businesses and, as importantly, their customers. Small businesses are the heart of economies worldwide and we are thrilled to launch this product to help them succeed,” said David Marcus, commenting on the launch.
Aimed especially for businesses that have traditionally relied on cash or cheques, the Chip & PIN version of PayPal Here has been designed for use in countries where credit cards rely on Chip and PIN technology. PayPal Here allows any business to simply and securely accept PayPal, credit & debit card payments, log cash and cheques, even send invoices & receipts so they never miss a sale. There’s no contract or ongoing fees, just the initial competitive purchase price and a small fee for each transaction.
Emma Jones, Founder of Enterprise Nation, said, “One of the challenges small businesses in the UK face is getting paid. Cash and cheques seem easy, but soon people start to realise the lack of security, the inconvenience for customers and the Friday afternoon wait at the bank to deposit your money. Equally, many people are put off from signing up with a traditional card processing company because of the high fees, long-term contract commitments and bulky handsets. PayPal Here promises to change all that, by offering start-ups and established businesses a smarter way to get paid, and helping British business to grow in the way that PayPal has already done for many small businesses here and around the world.”
PayPal has not revealed the exact pricing and fees for the service, but it has promised to rival with its European competitors. PayPal will be competing in a crowded space, with both payleven and iZettle having recently relaunched their mobile solutions to accept chip & PIN payments and many others providing similar services.