PayPal UK Launching ‘Chip and Pin’ Pairing for Smartphones This Summer

PayPal is launching a portable payment system which will allow small business and traders to receive ‘net based payments on the move.

The PayPal Here service will come at an initial cost of less than £100 and businesses will receive a chip and pin machine which pairs with a smartphone offering a new and secure platform for making transactions for goods and services. It will also provide a cost effective alternative to renting a credit card machine. PayPal also states it will take less than a 3% cut from all transactions.

This is PayPal’s response to other mobile payment services such as Square, which provides a small card scanner that attaches to most smartphones and sends funds to the traders account online for a small fee. PayPal Here has already launched the service in the United States and a few small businesses in the UK have been invited to try it out before PayPal’s chip and pin scheme becomes available to all this summer. You can watch PayPal’s demonstration video – Here.

PayPal in our pockets further confirms that soon we could be facing a cash free future with mobile technology such as NFC and Google Wallet also meaning we no longer need change weighing down our pockets.