Paypal launches chip-and-pin machine for new sales methodsFebruary 22, 2013 - 17:16 AMT PanARMENIAN.Net - Payments firm Paypal has launched a chip-and-pin machine designed to offer new sales methods to UK small businesses that have previously relied on cash or cheques. It means market traders, taxis and shops will be able to accept credit and debit cards as well as Paypal payments, BBC News reports. There will be an initial cost "under £100" for the Paypal Here device. The firm, which faces competition from other similar devices, said it will take a transaction fee of less than 3%. "At Paypal, we spend a huge amount of time talking and listening to small businesses. They are the core of Paypal's business and they've told us that they want a simple, secure way to take card payments anytime and anywhere they trade," said David Marcus, president of Paypal. Paypal is offering the devices to a few select businesses before a full launch in the summer. It will roll out in the UK first with other countries to follow. In the U.S., it has already brought out a similar device, a dongle that can be plugged into a mobile phone to act as a credit card reader. Eden Zoller, an analyst with research firm Ovum, said the move was an obvious one for Paypal to make. "It hasn't released figures about the dongle it launched in the U.S. but has indicated that it is popular so it makes sense to have an optimized version for the European market," she said. There are other similar devices on the market from companies such as iZettle, Intuit and mPowa. "It is going to have a bit of competition but Paypal is an established a trusted brand," said Ms Zoller. Mark Thomas runs an ice cream stall at London's Borough Market. He will be among the first to try out the device. "Cash is king in the market, but people run out of cash very quickly, and we often lose sales because customers can't face the long weekend wait at the ATM," he said. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |