PayPal Here users will be able to use the new PayPal Chip Card Reader to accept payments via Apple Pay and Android Pay, in addition to the more familiar credit and debit card options. The new reader launches in the US on 30 September, before spreading to the UK and Australia further down the line.
The updated card reader features a display to guide users through the process of making a payment, but it is the addition of contactless payment that is the key new feature. The PayPal Chip Card Reader has a price tag of $149, but some people will be able to get hold of it for $49.
Everyone buying the new PayPal Chip Card Reader will have to part with $149 initially, but anyone who processes $3,000 in a 3-month period is eligible for a $100 rebate. Either way, this is quite a price jump from the previous model, which many people were able to obtain for nothing.
PayPal points out that the day after the reader launches, 1 October, Mastercard and Via will no longer cover fraudulent chip card transactions: " This means if you accept a chip card with a magnetic stripe reader, you'll be responsible for the cost if the transaction is fraudulent". This should be enough to push many merchants into upgrading to a reader that accepts cards with chips.
To find out more, sign up for PayPal Here, or get hold of the new reader, head over to the PayPal website.
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