According to a report from Wales Online, Paypal is launching a device which will enable small businesses and small traders to accept payment in person. It’s anticipated that small traders such as ice cream sellers, market stall holders and taxi firms will benefit from “Paypal Here”.
“PayPal Here is aimed at smaller businesses which may find it costly to take card payments and have traditionally relied on cash or cheques,” the report states.
Apparently, customers will be able to use PayPal device in the same way that they would a chip and pin. The Paypal “Here” will be linked to an app on the traders’ smartphone which will act as a till.
“The device is set launched in the UK this summer and has been developed specifically for use in this country, where people are used to using chip and pin technology is widely used, according to the report.
“Cash and cheques have served us all well over the years, but businesses that rely on them risk missing valuable sales,” said Cameron McLean, managing director of PayPal UK
Interestingly, WalesOnline is also reporting that the Payments Council (UK) is also developing an industry-wide scheme to allow people to transfer cash to friends and businesses as easily as texting. This is likely to be available from next spring next year.
Apple has applied for a similar technology, which will enable users to efficiently exchange cash over a network.
An ad-hoc cash-dispensing network that allows users to efficiently exchange cash is provided. The ad-hoc cash-dispensing network includes a cash-dispensing server, a network, and a plurality of client terminals that connect to the cash-dispending server through the network. The user of a client terminal sends a request for cash to the cash-dispensing server. The request for cash includes the location of the client terminal. Based on this location, the cash-dispensing server locates one or more other users that are close/proximate to the requesting user and verifies that at least one of these proximate users is willing and able to provide the requested amount of cash. Following the transfer of cash between the parties, the requesting user’ account is charged for the service while the providing user’s account is credited for the service.