PayPal is bringing its PayPal Here mobile payments service to
Europe.
Paypal is launching a "Chip & PIN" version of PayPal in the UK
first. The new product has been designed to make it simple for
cash-based businesses in countries that use "Chip and PIN" debit
and credit cards -- not swipe cards like in the US -- to take and
make digital payments.
The new device is about the size of a smartphone. It
connects to a new PayPal app that merchants can run on Apple
iPhones and Android-based smartphones.
PayPal will launch the service in the United Kingdom this summer
and in other European countries later.
PayPal's service is battling with many start-ups including
Square, which is offering a free card reader that attaches to
smartphones and handles payments for a flat 2.75 percent fee.
Square's service is available inCanada.
PayPal added that it would charge merchants for the European PayPal
Here device.