PayPal is officially here - with PayPal Here, a competitor set to rival Square's mobile payments service.
Yes, the moment San Francisco and the world has been waiting for has finally arrived, with this morning bearing witness to PayPal announcing the launch of its triangular dongle. Designed to process mobile payments for companies across the world, this three-sided polygon means business.
“One, this product is better…Two, this product will be backed by PayPal, which means it will go global fast…Three, PayPal can now offer merchants…everything they need to compete in this new commerce environment, online, mobile and now offline,” explained eBay chief executive John Donahoe at a press conference in San Francisco.
Easy as one, two, three - see what they did there? As in a triangle has three sides? Ahem. Witty anecdotes aside, it's clear to see that PayPal Here's construction has clearly been planned as a jab at Square. Whilst differing in shape, the app bears similar features - displaying a story's inventory, showing customers the total etc.
However, one redeeming aspect about the trilateral rival is its ability to accept cheque payments. Should a small business owner forget their card details, PayPal Here to the rescue! The application also features a scan card option. Simply hold your cheque up, allow it to be scanned, and hey presto - you've made a payment.
Those interested in signing up to PayPal Here will be interested to note that each user will receive their very own PayPal debit card, but that's not all - PayPal charges 2.7 per cent for each credit card and PayPal transaction, compared to Square's 2.75 per cent.
So there you have it! You do the mobile payments maths.
Source: Venture Beat