PayPal launches Chip and PIN mobile payment service in Europe

PayPal, largest player in the online payments business, yesterday launched a European version of its 'PayPal Here' mobile payments service for small merchants (Paypal Here was launched last year, in the United States and several other countries, including Japan and Australia). With the launch the online payments division of eBay Inc (EBay bought Paypal in 2010) heightens competition with rivals, including Square (by Twitter co-founder Jack Dorsey). Notably, Dorsey's Square has proved to be tough competitor for Paypal; as Square attracted thousands of small merchants in recent years by offering a free card reader that cane be lined to smartphones and handles payments for a flat 2.75 percent fee.

New Device unveiled: PayPal has unveiled a new device, about the size of a smartphone, that allows small merchants to accept credit and debit cards under a more-stringent and complex system in Europe known as Chip and PIN.

The gadget connects to a new PayPal app that merchants can run on Apple iPhones and Android-based smartphones.

Launch: PayPal will launch the service in the United Kingdom this summer, and in other European countries later.

Price: PayPal will charge (nominal Fee) merchants for the European PayPal Here device. Nothing is disclosed about the fee. But to Paypal's advantage, Square is still absent in Europe (Square Service is available in US and Canada, where Chip and PIN is not mandatory for Small merchants). --------

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