PayPal, the online service company, started to go downhill in the recent years. But they’ve wanted to step back up into the game in the UK, recently PayPal announced a new chip-and-pin device which would be out by this summer. The device was designed for small business such as taxis, market traders and shops, initially it would cost £100 to purchase and have a low transition fee of less than 3%.
President of PayPal, David Marcus, commented:
“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.”
Similar services such as iZettle are competitors to PayPal’s new products. But PayPal is seen as a much more trusted company, they already have some stores and businesses here in the UK that offer this service. PayPal had already released a device which is based on the same concept, but is a mobile add-on that you connect to your iPhone to receive payments via credit cards. PayPal believes from research that 89 percent of British adults carry around at least one payment card, but 66% of small bushiness still use cheques and cash to receive payments. Cameron McLean, the managing director of PayPal UK had said:
“Cash and cheques have served us well over the years but businesses that rely on them risk missing valuable sales.”
PayPal’s system is approved by EMV, which means Europay, Visa and MasterCard had approved of PayPal’s new service. Will your small business in the UK upgrade to this new service?