22 February 2013 - 8:46am | posted by | 0 comments

PayPal introduces chip & pin services to Europe

PayPal introduces chip & pin services to EuropePayPal introduces chip & pin services to Europe

Online payments firm PayPal has introduced its chip and pin machine in Europe for the first time in the form of a sub £100 device aimed at small business owners.

PayPal Here allows small traders, taxis and shops to accept debit and credit card payments with a transaction fee of 3%, reducing reliance on cash or cheques.

The device will be rolled out to selected businesses prior to a full launch in the summer with the UK being the first territory to receive it.

Eden Zoller, principal analyst at Ovum, commented: “The UK is the logical place to start as it is PayPal’s second biggest market outside of the US with some 18 million active users.

“PayPal has taken pains over the PayPal chip and pin device, which was designed and built in the UK and over a year in the making. But it will come with a price tag and this will need to be competitive given the solution is meant for small businesses. PayPal says this will be the case – it is not looking to make money from the device itself.

“Mobile credit card reader solutions appear to address a genuine need in the market - an easy and convenient way for small businesses to accept card payments without having to invest in costly credit/debit card processing equipment. The market for these solutions is becoming increasingly competitive and PayPal Here is not the first of its kind in Europe, where the likes of iZettle, Payleven and mPowa have already launched. But PayPal has an advantage in being an established, trusted payment provider with a high profile global brand.”

Be the first to comment on this article: sign in or register.

Latest Projects from the Profile Hub

East Coast – I Love Trains

22/09/2014
From 11-17 August East Coast Main Line are celebrating the...

Naming, Identity & Interior Design

22/09/2014
The Challenge To help two business partners with differing...

AVCA - The heart of African VC and PE

19/09/2014
The African Private Equity and Venture Capital Association...

BWP gets colourful with K3

18/09/2014
K3 approached BWP Group to help them design and build a...

dlc - Responsive website

17/09/2014
dlc is the UK’s leading, independent debt recovery firm,...