Paypal card machine12/9/2023 It may also be the case that while the U.S. One of these, iZettle, introduced its chip-and-PIN reader only yesterday, no doubt to get a little PR jump on PayPal Here (and to get around some of the problems that it ran into with Visa over the use of its dongle). This is also the direction that all of the other Square-like European mobile payments companies have had to go as well. To accomodate the chip-based cards used in Europe, as well as the requirements of companies like Visa in Europe, PayPal will be producing a separate chip-and-pin device that will let customers insert a card and enter a PIN number to verify their identity. Europe will see a different approach from PayPal. rival Square (which has yet to enter Europe). The company says that in 2012 it processed some $145 billion in payments overall, across both mobile and web.Īll of eBay-owned PayPal’s efforts up to now have been centered around a triangular dongle that plugs into an iPhone or Android device to read the magnetic strip on the back of a card - similar to the square-shaped dongle produced by its big U.S. but it is one of many different services that it offers to increase touchpoints with businesses and their customers. PayPal would not say how much revenue it has generated from PayPal Here in the U.S. “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,” Marcus said in a statement. (Coming from France, Marcus founded and then sold his mobile carrier billing startup Zong to PayPal, first becoming head of mobile and then eventually president of the whole operation.) It also means that David Marcus, the president of PayPal, has a chance to come full circle and finally bring PayPal’s mobile payment service to his own home market. “We are launching Here this summer but will expand to other markets as we go forward,” noted Cameron McLean, MD of PayPal in the UK, in an interview with TechCrunch. And it also has one of the highest smartphone penetrations in Europe - currently at around 61%, according to Kantar Worldpanel Comtech.Įstablishing PayPal Here in the UK will be used as a lever for further expansion into the rest of Europe. PayPal says that it picked the UK for its first stab at mobile payments in Europe because, with 18 millionĬustomers (out of 123 million worldwide), the UK is the company’s second-largest market outside of the U.S. The standard fee among them right now for transactions is 2.75%, and two who have recently launched chip readers are pricing them at €49 ($65). PayPal has not set a definite launch date or revealed pricing for the service, but the company tells me it will be “competitive” with existing offers from rivals. Today, the online payments giant PayPal announced that from this summer it will be rolling out PayPal Here in the UK, its first foray into the European market, equipped with a new piece of hardware to accomodate the chip-based cards prevalent in this part of the world. Make way for one more player in the European mobile payments space, and a big one at that.
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