Sunday, 24 February 2013

PayPal Here, not quite here yet but it is on it's way to Europe.

Paypal have recently announced that the new European version of their mobile payments product Paypal Here, will soon be available as early as this summer in the U.K and other European countries soon after.

The difference between the European version and the U.S version is that you no longer require a triangular card reader that plugs in to the jack port of your mobile device, instead you use a separate card reader that is about the size of your mobile device. To make a payment the business owner opens up the PayPal app installed on their mobile device and they enter the amount to be charged to the customer, the customer then inserts their credit/debit card into the card reader and enters the amount charged and confirms with their pin number. See how easy it is to accept mobile payments with a video from Paypal.

Transaction fees for the U.K market will be slightly higher than the U.S market, with fees starting at 3.4% plus 20p for monthly transactions up to £1,500 as compared to a 2.7% transaction fee for U.S merchants.

Other mobile payments providers have already launched similar products in Europe, including iZettle and Payleven. With SquaremPowa and SumUp also battling to become the dominant mobile payment provider in multiple countries.

What do you think of Paypal's new European product will you sign up for it or do you already use another mobile payments provider? Let me know in the comments below.