UK Paypal Launches a Chip and PIN Service

| February 25, 2013 | Reply

Paypal launches a chip and PIN service in ukThe International payment provider Paypal has just  launched a chip-and-pin machine in the UK. It’s designed to help small business owners who previously used cash or cheques to accept both credit card and Paypal payments from the customers.

Sole traders such as taxi drivers, market traders, small shop owners and outlet stores will now be able to accept bothe debit and credit cards with this new chip and pins service.

It’s reported to cost in the region of an initial  £100 for the Paypal Here device which will probably drop in price as more retailers and small traders start using the service.

There’s massive competition in this space from other similar devices and I suppose the question needs to be asked, “why did it take Paypal so long?”. With the amount of money this corporation makes and with the backing of its parent “eBay“, it’s a wonder why they sat on their hands instead of bringing this to market sooner?

Transactions fees are reported to be in the 3% of transaction fee range and president of Paypal, David Marcus said:

At Paypal, we spend a huge amount of time talking and listening to small businesses. They are the core of Paypal’s business and they’ve told us that they want a simple, secure way to take card payments anytime and anywhere they trade

Where Paypal has the largest advantage over the competition is the sheer amount of users that already use Paypal as the preferred payment system. They have massive brand awareness and also a lot of brand trust. Something that would be really hard to replicate form their online competition.

Source: BBC
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Category: Mobile News, News, Paypal

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