PayPal, has launched a new service to enable mobile payments named PayPal Here.
PayPal Here works in tandem with a small device that needs to be plugged into an Apple iPhone or Android based smartphone and used with a specific app. The PayPal Here app can be used to accept any type of credit card, debit card and even cash. The PayPal Here device and service will be immediately made available to selected merchants in the US, Australia, Canada and Hong Kong.
PayPal Here is the new mobile payment service that will let you pay using your credit card or debit card from practically anywhere. A small triangular dongle - Card Reader, needs to be plugged to the merchant's device and the PayPal Here app needs to be loaded on the iPhone or an Android smartphone. After that the merchant simply swipes users' credit/debit card across the dongle to initiate the transaction. Then the merchant has to enter the CVV and the other details. A receipt can then be printed using Apple's AirPrint wireless printing service.
Alternatively, the PayPal Here app can be used to scan the credit card or debit card using the smartphone's camera. The Merchant can then proceed with the transaction process. In any case, the merchant requires the customer to enter the CVV code and only then successfully complete the transaction. Besides enabling mobile payment, the PayPal Here app will offer integration to the merchant's inventory, invoices and billing systems.
It is interesting to see PayPal offer such an innovative solution while mobile payments through Near Field Communication technology is still some time away from becoming a mainstream payment method.
PayPal has already released a Widget that allows payments via NFC technology.
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