PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account.
PayPal Here Is Used By Over 200,000 Merchants
The mobile payments processing space is looking pretty interesting now that PayPal has entered the fray. Its offering is dubbed ‘PayPal Here’ and was launched back in March of this year to compete with runaway favorite, Square.
PayPal Here is no different from Square and lets small businesses handle mobile payments via Android and iOS applications. The only noticeable difference is the credit card processing apparatus which interacts with the mobile device via a headphone jack.
So far the service has had a warm reception among users and PayPal is reporting that it saw over 1,000 signups in the first 24 hours of launch. The service hasn’t had large-scale roll out yet and so far is only available in the US, Hong Kong, Canada and Australia. To date the service has just over 200,000 users and countless more have joined the wait list.
How things will look in a few months competition-wise is anyone’s guess. PayPal has played the price cutting card by charging 0.05% less for its processing fees and Square will have to match this given the tremendous leverage that PayPal has already. Even with the first-movers advantage that Square has, it will still need to build momentum among small and medium sized business owners in order to keep PayPal Here at bay.